MIFFLINBURG — A man from Mifflinburg is accused of taking more than $240,000 that he was supposed to invest for people, and spending it on himself.
Ted Cresswell was charged after several of his investors said they did not get any return on their investments. According to court papers, ten investors each gave Ted Cresswell of Mifflinburg thousands of dollars, which he promised to use to open a storage business, but authorities say Cresswell spent the money on himself.
Cresswell owns a construction business near Mifflinburg. Earlier this week, the state attorney general’s office filed theft charges against him. They accuse Cresswell of stealing more than $240,000 from ten investors, who gave him money to start-up a storage business in the area.
“Ted came to us and explained this investment, which we were supposed to get a payback,” said one of the investors.
A man from Mifflinburg who did not want to reveal his identity says Cresswell came to him in 2008 with a promise.
“If things did not go through, he would give our money back to us,” he said.
According to court papers, last December, Cresswell admitted to taking all of the money. He says FEMA told him he could no longer build on this land because of a change in flood elevation tables.
The state attorney general’s office says Cresswell admits using the money given to him by investors to pay off personal debts and expenses. The investigation began last year after several investors complained about not getting any money back. But the man Newswatch 16 spoke with says he still believes Cresswell will come through.
“I believe that he will do what he says he will do,” he said.
Newswatch 16 tried to contact Cresswell at his business, but he was not there. Even though the investor we spoke with says he gave Cresswell his life savings, he still has faith.
“As far as our money is concerned, no bad feelings what-so-ever,” he said.
None of the other investors was available for comment. Ted Cresswell is out on bail, and is due back in court next month.