A man found floating on a raft off the coast of Rhode Island in 2016 after his boat sank has been indicted on charges alleging he killed his mother at sea to inherit the family's estate.
An eight-count indictment released on Tuesday in federal court in Burlington, Vermont, also says Nathan Carman shot and killed his grandfather, John Chakalos, at his home in Windsor, Connecticut, in 2013 as part of an effort to defraud insurance companies.
Mr Carman had reportedly stripped his 9.5-metre fishing boat of several parts so he could intentionally sink the vessel, the indictment said.
Witnesses said that he had removed two stabilising trim tabs from the stern, near the vessel’s waterline, leaving holes that he tried to seal with an epoxy stick.
He denied doing anything to intentionally make the boat unseaworthy and told the coastguard that when the boat filled with water, he swam to the life raft and called for his mother, Linda Carman, but never saw her again.
Mr Carman was found in an inflatable raft eight days later. His mother has never been found.
In 2019, a federal judge in Rhode Island decided that Mr Carman had contributed to the 2016 sinking of the boat in which his mother was lost at sea.
And US District Judge John McConnell issued a written decision in favour of an insurance company that had refused to pay an $85,000 claim to Mr Carman for the loss of his fishing boat, The Chicken Pox.
He was arrested on Tuesday on charges including murder and was due to be arraigned on Wednesday.
Prosecutors claim the inheritance scheme has spanned nearly a decade and began with Mr Carman buying a rifle in New Hampshire that he used to shoot his grandfather, John Chakalos, in December 2013.
He then discarded his computer hard drive and the GPS unit that had been in his vehicle, prosecutors said.
Chakalos, who was a real estate developer, left behind an estate that was worth nearly $29 million, which was to be divided among his four daughters.
Mr Carman stood to receive a $7m share in the estate as his mother’s only heir.
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Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
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In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
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