Apr 24, 2009 1:50 pm US/Eastern
FBI Probes Finances Of Father In Murder/Suicide
TOWSON, Md. (WJZ/AP) ―
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Police say William Parente killed his wife and daughters, and then killed himself.
CBS
A gruesome murder/suicide in a Towson hotel room has the FBI looking into the family's finances.
Jessica Kartalija reports police now say William Parente was involved in a multi-million dollar investment scheme.
Investment schemes are not uncommon. It's during tough economic times like these that experts say people panic, and that may have led to this murder/suicide.
Police say a sour investment deal may have led to the Parente family murder/suicide at the Sheraton in Towson.
"Autopsies and police investigation have revealed that William killed his family by means of blunt force trauma and asphyxiation, and took his own life by cutting himself," said Baltimore County Chief Jim Johnson.
The FBI began investigating Parente's finances after county police called contacts listed on Parente's cell phone.
"The Baltimore County Police Department has learned of allegations that William Parente may be involved in questionable financial dealings," said Johnson.
According to a complaint filed with New York State Attorney General, Bruce Montague had invested hundreds of thousands of dollars with Parente.
After concerns over the safety of his investments, Montague said he wanted out. Parente stalled, then wrote six checks. About $450,000 worth bounced.
Financial analyst Morris Segall says this is similar to a recently failed investment scheme.
"When that money starts to dry up because of a recession, down markets and investors' fear, that's when they start to implode because you can't keep the cycle going," said Segall.
At least three investors called Bruce Montague's office to say they had lost at least $4 million in Parente's scheme.
"Fortunately I have a successful law practice, and the money can be replaced. What he did to his family is a great tragedy and unforgivable," Montague said.
The Parente family was in Baltimore visiting their 19-year-old daughter Stephanie, a sophomore at Loyola College.
"It's believed at this point that the mother may have been killed first, then the 11-year-old, then Stephanie later that day," said Corporal Mike Hill with Baltimore County.
Parente's co-worker says it's the most shocking thing he's ever heard.
"Looking at these events now, it seems so crazy for me to say it. His family was the most important thing; they always came first," said the co-worker.
The Health Department is reminding people to get help if they are having financial and emotional trouble. Their number is
800-243-7337.
A wake will be held Monday, followed by a public funeral Mass on
Tuesday for Betty Parente and her daughters. A spokeswoman for
the Park Funeral Chapel in Garden City, N.Y. says another private service
will be held for William Parente.
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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