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Adviser to be tried over fraud

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A longtime financial adviser bilked the widowed friends of his wife and mother out of more than $1 million to fund a lavish lifestyle including yacht docking fees and private school tuition for his children, according to federal prosecutors. Frederick McMenimen III of Exeter will go on trial in January, after a federal judge this month found him mentally competent to stand trial. He was deemed incompetent in June and committed to federal custody for psychiatric evaluation at a medical facility in North Carolina. McMenimen, 50, has pleaded not guilty to charges of mail fraud, tax evasion, money laundering, and interstate transportation of goods obtained by fraud. He declined to comment outside of court.

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