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Investor arrested in tire slashing

The wealthy former investment firm owner denies the crime. His lawyer hints that the "alleged victim" staged it.

By LUCY MORGAN
Published September 30, 2005

TALLAHASSEE - As Hurricane Katrina roared through the Gulf of Mexico last month, a security guard at Seaside, an elegant resort in the Florida Panhandle, saw someone hunkered down near a Chevrolet Suburban.

It was shortly before 1 a.m. Aug. 29, and Pat Roberts had parked the SUV outside an apartment where he was sleeping. Roberts, chairman of state emergency management communications, was helping monitor beach erosion and expected storm damage.

Security guard Leonard C. Cook knocked on Roberts' door to tell him someone slashed his tire.

The man he saw beside Roberts' SUV dropped a knife as he fled on a motor scooter, Cook told Walton County sheriff's deputies. The scooter was found a short time later in a shed behind a $3.8-million house owned by Don Reinhard, former owner of a Tallahassee investment firm that has been accused of bilking its customers of millions of dollars.

Late last week Reinhard, 44, turned himself in to face charges of criminal mischief in the incident. He was released on $1,000 bail.

Roberts, president of the Florida Association of Broadcasters, said he was delayed about two hours the next morning while he changed the tire in the pouring rain before driving to Biloxi to complete work on the storm.

Roberts said he doesn't know why Reinhard would slash his tires. He did not lose money with Reinhard's firm, he said.

Roberts and Reinhard's wife, Sarah, have served together on a Seaside board, where both families own property.

Destin lawyer John Ledbetter said Reinhard has denied involvement in the incident. "Our investigation indicates any number of people in Seaside would have had a motive to do this, including the real possibility this was orchestrated or staged by the alleged victim," Ledbetter said.

Roberts said he hired Tallahassee lawyer Steve Andrews to seek a restraining order to keep Reinhard away from him.

Several lawsuits have been filed against Reinhard alleging that he deposited the life savings of investors in high-risk stock ventures and lost the money. Reinhard, who owned Magnolia Capital Management, has blamed the losses on Bear Stearns, which handled the investments.

Reinhard is a former president of the Seminole Boosters at Florida State University, which is how he met many of his investors.

[Last modified September 30, 2005, 01:35:17]