Auburn police arrested Coleman Timothy Chance, 54, of Opelika, on a felony warrant charging him with financial exploitation of the elderly first degree.
Police said the arrest stems from a report pertaining to financial exploitation of the elderly on Oct. 17.
The individual who made the report told police that a suspect, who had regular contact with the victim who is over the age of 60, exerted unauthorized control of funds belonging to the victim, according to the police report.
Police said the suspect made multiple purchases, depriving the victim of a large sum of money.
During the investigation Chance was developed as a suspect and arrested in obedience on Thursday.
Chance was transported to the Lee County jail and held on a $7,500 bond. Police said this case is still under investigation with the possibility of additional arrests.