An Exeter financial advisor, charged with defrauding two elderly clients of $1 million, is drawing more scrutiny from bankruptcy trustees after moving his $140,000 boat out of the state, according to court records.

A bankruptcy judge approved a request by U.S. trustees to to subpoena financial records from the Wentworth Marina By the Sea in New Castle, where Frederick "Rick" McMenimen recently kept his 2004 Sea Ray worth roughly $140,000.

The records would show McMenimen's payment history with the New Castle business before he moved the boat to a marina in Boston, according Assistant U.S. Trustee Geraldine Karonis.

McMenimen claimed he has no income or job when he filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court on March 6, Karonis said in a court motion.

A federal grand jury indicted the former Exeter High School coach and lottery winner in October on 31 charges, including tax evasion, mail fraud and money laundering.

Federal prosecutors say McMenimen allegedly stole $1 million from two widowed, elderly women between October 2008 and October 2011 by tricking them into thinking they were investing the funds.

One of the women, Victoria Wagstaff of North Hampton, filed a new lawsuit last week seeking to prevent McMenimen from claiming Chapter 7 protection from his debtors.

Wagstaff argued that McMenimen cannot seek protection debtors because of his pending criminal case.

Wagstaff, who allegedly wrote checks totaling $900,000 to McMenimen, secured a lien attachment for the same amount as part of a civil lawsuit brought in Rockingham County Superior Court. That lawsuit was brought in January. McMenimen filed for bankruptcy weeks later.

McMenimen's lawyer, Michael Feinman argued that federal tax liens and two outstanding mortgages far outweigh the fair market value of McMenimen's main asset - his home at 6 Pumpkin Circle in Exeter - so he should be entitled to avoid Wagstaff's lien from the civil lawsuit.

The home is up for sale for $499,000, according to Realtor records.

McMenimen was allowed in the bankruptcy case to keep his 2004 Sea Ray Power Boat - called "Coach" - despite owing roughly $238,769 in back payments on the vessel. Karonis said the debtor - CGI Financial - was unaware that the boat was moved out of state to a marina in Boston.

jkimble@newstote.com