A former Lottery winner from Exeter has been arrested on charges that he took more than one million dollars from two elderly women while working for a Portsmouth insurance and investment company. Frederick McMenimen III is accused of advising the two women to liquidate their life insurance annuities and investments and to write 17 checks to "PSB."which is an acronym for a now defunct sporting goods business that McMenimen used to own and not an investment fund, as he the women to believe. The federal indictments state that over a four-year period, McMenimen used the funds to pay for more than $134,000 on his home mortgage, more than $30,000 for docking and yacht fees, more than $120,000 for his children's private school and college tuition, and $350,000 in credit card payments, even after he had won $1.5 million in the New Hampshire Lottery in 2005.