Cases by state
Ponzi schemes in Connecticut
19 cases announced 2004–2023, involving about $642.3M in reported investor money. Most common types: investment funds & advisory, trading, forex & commodities and real estate. Listed by where the main defendant was based.
The largest by reported amount: Bayou Management LLC, Bayou Funds ($450M, 2005). Charges are allegations unless a court has entered a conviction or judgment.
Pitch phrases seen in these cases
- “guaranteed no losses”
- “$1 million by the time she was 100 years old”
- “safe investments with high returns”
- “would never lose its principal and would grow with the market”
- “demand notes”
- “always profitable and never obsolete”
- “guaranteed rate of return of 9 to 10.5 percent”
- “high investment returns over relatively short periods of time”
Cases
| Date | Case | Location | Industry | Amount |
|---|---|---|---|---|
| Nov 9, 2023 | Middlesex Mortgage Group LLC John A. Masanotti Jr. |
Darien, CT | Investment funds & advisory | $5.9M |
| May 11, 2023 | Landes Prive LLC, Landes and Compagnie Trust Prive, HekYeah LLC Charles Thomas Lawrence Jr. |
CT | Investment funds & advisory | $4.8M |
| Sep 30, 2019 | Booth Financial Associates, Insurance Trends Inc. James T. Booth |
Norwalk, CT | Investment funds & advisory | $4.9M |
| Oct 16, 2018 | Jason Rhodes | Rowayton, CT | Trading, forex & commodities | $19.6M |
| Aug 31, 2017 | Lux Financial Services, LWLVACC LLC Leon Vaccarelli |
Waterbury, CT | Investment funds & advisory | $1M |
| Apr 7, 2016 | Joseph A. Castellano | Wallingford, CT | Real estate | $1.5M |
| Dec 1, 2015 | GAW Miners, ZenMiner, Paycoin Homero Joshua Garza |
Somers, CT | Crypto & digital assets | $20M |
| Jun 18, 2015 | Ulysses Partners LLC, Neilsen Financial Services James E. Neilsen |
Norwalk, CT | Investment funds & advisory | $1.7M |
| Jan 9, 2015 | Ian Parker Bick | Danbury, CT | Investment funds & advisory | $500,000 |
| May 13, 2014 | Robert E. Lee Jr. | Oxford, CT | Investment funds & advisory | $8M |
| Nov 27, 2012 | First Financial LLC Feisal Sharif |
Branford, CT | Trading, forex & commodities | $5.4M |
| Sep 19, 2012 | ConsensusOne LLC Garrett L. Denniston |
Sandy Hook, CT | Investment funds & advisory | $1M |
| Aug 1, 2012 | Louis J. Soteriou, Malcolm "Mac" Parker | Middlebury, CT | Energy & alternative assets | $28M |
| Mar 27, 2012 | Friend's Investment Group Julius C. Blackwelder |
Stratford, CT | Trading, forex & commodities | $400,000 |
| Aug 11, 2011 | Gregory Viola | Orange, CT | Investment funds & advisory | $6M |
| Jan 14, 2011 | Francisco Illarramendi | Stamford, CT | Trading, forex & commodities | $53M |
| Nov 23, 2009 | Acquisitions Unlimited Group Michael S. Goldberg |
Wethersfield, CT | Investment funds & advisory | $20M |
| Sep 29, 2005 | Bayou Management LLC, Bayou Funds Samuel Israel III, Daniel E. Marino |
Stamford, CT | Trading, forex & commodities | $450M |
| Mar 24, 2004 | Memlock Systems, Triple Diamond Foundation Dale L. Graybill, Shirley Graybill |
Branford, CT | Trading, forex & commodities | $10.7M |