BRADENTON, Fla. (WFLA) — A Bradenton man was arrested Wednesday after he was accused of defrauding a 74-year-old woman out of at least $250,000.

In 2023, Jeffrey Arthur Moynihan, Jr., 56, posed as billionaire Elon Musk on Facebook, where he met the victim, according to Bradenton police.

As they messaged each other over several months, “Elon Musk” was accused of promising her a $55 million return for investing in his business. The victim transferred $250,000 to accounts connected to Moynihan and his business, Jeff’s Painting and Pressure Washing, LLC, according to police.

Investigators believe the amount transferred could actually be much higher. The victim’s husband told them she gave the Elon Musk impersonator $600,000.

“This investigation is ongoing. There is going to be multiple people that are involved in this. Mr. Moynihan was not the sole person in this crime,” said Elder Fraud Unit Detective Jim Curulla. “To target the elderly, taking advantage of someone like that.. that is why we do what we do. We are very passionate about it and it is very upsetting,” he continued.

“Moynihan was arrested at his home in Bradenton Wednesday night,” Bradenton police wrote in a news release. “The real Elon Musk was otherwise engaged with the most recent launch of SpaceX and is not under investigation by BPD.”

Moynihan was arrested by BPD’s Elder Fraud Unit, which investigates cases of fraud involving victims over age 60.