Man wanted for involvement in multi-state Ponzi scheme

QUINCY, MA (WHDH) - Quincy Police are searching for a man wanted for his involvement in a multi-state Ponzi scheme.

Police said Scott Wolas, 67, embezzled millions of dollars from people in several states, including Massachusetts. Police said Wolas went by at least six aliases, including Drew Pearson, who his girlfriend Raini Croft knew him as.

“He seems really nice on the surface but what he’s done is really bad,” said Croft, a real estate broker who was in a relationship with Wolas for 15 years.

Police said Wolas posed as a Quincy real estate agent and came up with a plan to buy a local landmark, the Beachcomber Bar on Quincy Shore Drive, and turn it into condos. He never showed up at the closing.

Police said Wolas bilked 16 people out of at least $1.7 million in the Quincy area. He is also wanted for similar crimes in New York and Alabama. Quincy Police said his law license was suspended in Florida as well.

Croft said she and Wolas took out a second mortgage for $200,000 on her house, which is in her name. She said she is out most of that money and is being forced to sell her house.

“I’m totally destroyed. It’s destroyed my life. Financially, I’m at zero,” said Croft.

Police said Wolas has also gone by Robert McDowell, Allen Hengst, Frank Amolsch, Drew Prescott and Eugene Grathwohl. He was last seen when Croft dropped him off at the JFK T Station last week.

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