Anthony G. Sciarra, Investment Scheme, Connecticut 2017

Wethersfield resident, Anthony G. Sciarra, 54, was sentenced to 46 months in federal prison for operating an investment scheme that defrauded individuals and couples of $874,601.20.

According to court documents, Sciarra operated AGS Financial, through which he offered insurance, securities, and other financial products. His insurance license was revoked in May 2012 by the Connecticut Department of Insurance.

Between 2007 and July 2015, Sciarra held himself out as a legitimate insurance agent and financial advisor when, in fact, he was not. He solicited investments from various victim-investors, promising them high annual returns ranging from 4 percent to 12 percent or more.

Sciarra falsely represented that he would invest their funds in a bond fund or cigarette distribution business. However, he diverted the funds for his personal use, including paying for restaurant meals, department store purchases, loans, and other personal bills.

The investigation revealed that Sciarra made large cash withdrawals from ATMs and at Foxwoods Casino. He also used some of the funds to make ‘interest’ payments to other victim-investors.

Sciarra pleaded guilty to one count of wire fraud on February 1, 2017. Judge Michael P. Shea ordered him to make full restitution and report to prison on August 30, 2017.

The case was investigated by the Federal Bureau of Investigation, with the assistance of the Connecticut Department of Banking, Securities Division. The case was prosecuted by Assistant U.S. Attorney Michael S. McGarry.

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