TORRINGTON, Conn. (WTNH) – Torrington police said a suspect blamed the economy for his actions after being arrested for an armed robbery that took place on Wednesday.

Police said following an armed robbery at Litchfield Bancorp, and with evidence gathered at the crime scene, that they believed their suspect was a white man in his late 70s, driving a black Cadillac DTS. His car was picked up on a number of surveillance cameras in the area following the robbery, which showed he was traveling east.

Investigators said they received a tip from someone in the community who saw the suspect and recognized him on social media, which led the police to establish the suspect’s identity: James Thompson, 84, of Avon, Connecticut.

Officers surveilled Thompson’s home, showing he owned a 2006 black Cadillac DTS sitting in his driveway. With this information in hand, police were granted a warrant to search Thompson’s home and car.

In their search, police said they found the handgun allegedly used in the armed robbery, linking Thompson to the scene.

It was also discovered that Thompson had fallen under hard times financially, which police suspect may have been his motivation to commit the robbery. According to police records, Thompson told them he blamed the economy for his actions.

They arrested him and brought him into custody at the Torrington Police Headquarters.

Thompson is being held on a $250,000 bond and is set to be in court on Friday.

Police also stated they asked for a risk warrant, which was granted to them, so they could seize the firearms and ammunition from Thompson’s possession.