Alleged investor accused of bilking more than $1 million from woman

BOCA RATON — It’s an all too familiar story in South Florida: A self-proclaimed financial adviser persuades an out-of-state woman into giving him more than $1 million to invest in various venture sand eventually most of the money is gone.

Tania Deutsch, 61, of Lords Valley, Pa., said she just wanted to help people with some money she had inherited. She said shewas renovating a condo she bought years ago in West Boca when David Bruce Cohen introduced himself and befriended her.

“I trusted him,” she Cohen said Friday.

“We played tennis together. I met his family.”

According to court documents, he convinced her to invest $1.2 million in a Massachusetts-based cannabis healthcare company in 2016 and in a West Boca real estate project in 2017. After waiting two years for ECP Capital Partners Inc. to begin making the promised interest payouts, nothing happened. Deutsch repeatedly called Cohen — who controlled the company — but she said she got nowhere.

In January 2019, she contacted the Palm Beach County Sheriff’s Office and the Florida Office of Financial Regulation. Detectives launched a lengthy investigation and learned Cohen was not a registered dealer or investment adviser.

Investigators also followed the money transfer records from Deutsch’ s bank account to the ECP Capital Partners’ account. They found that Cohen used those funds for credit cards bills, loan payments, an auto loan and repairs, attorney fees, investments and other personal expenses.

On Thursday, Cohen, 58, surrendered and was charged with fraud, money laundering and grand theft. He was released from jail the same day on bonds totaling $60,000, records show.

“I don’t want to get sad so I try not to think about it,” Deutsch said. “But, $60,000 bond is not much.”

Defense attorney Guy Fronstin said the business deal was sound and there are documents and evidence that will prove it incourt.

“This is a business deal that our client had good faith and due diligence and all the right intentions,” he said. “Unfortunately, it went south and that does happen in business deals, investments are always a risk.”

Fronstin added he was confident Cohen would be exonerated in the end.

Deutsch said she is making ends meet. Her house in Pennsylvania is paid for, she collects some rent from two apartments in West Boca, and has some cash left in her bank account.

“I just don’t want this to happen to anyone else,” she said.

“Life is a journey and you have to do your best to live in the light and stay away from people who live in the dark,” she added.