A Palm Harbor man is accused of swindling more than $400,000 from an elderly man, the Pinellas County Sheriff's Office said.

Peter Anthony Maselli, 45, has been charged with exploitation of an elderly person.

According to deputies, the investigation began in November 2015, when a local bank became suspicious of a large amount of deposits and transfers involving an 82-year-old man. The victim was living in the memory care unit of an assisted living facility in New York.

Maselli had the victim's power of attorney. He opened multiple accounts and deposited checks after liquidating the victim's assets.

Officials believe between July 2014 and January 2015, he used the victim's money to buy two new vehicles, pay off credit card debt, pay off loans and go on a cruise.

The total loss was calculated at $417, 437.59.

Because of the suspicious transactions, Maselli's power of attorney was revoked and a legal guardian was appointed.

The investigation continues. Detectives are asking anyone with additional information to contact the Sheriff's Office, Detective S. Bingham at (727) 582-6786.