Christopher J. Sakelarakis, Elderly Individual Defrauding, Connecticut 2018

A Milford man has been arrested and charged with defrauding an elderly individual of $60,000 in an investment scheme.

According to a federal indictment, Christopher J. Sakelarakis, 34, of Milford held himself out as having the necessary qualifications, experience, and abilities to provide investment services to a victim-investor.

Sakelarakis falsely represented to the victim-investor that he had a number of investment clients, that he was making a substantial profit, including by day trading, and that he had a contact in an investment firm who provided him with stock tips.

It is alleged that Sakelarakis would invest in stocks, options, and other financial instruments on behalf of the victim-investor and that his compensation would be a commission on 10 percent of the profits.

In October 2017, the victim-investor provided Sakelarakis with a $60,000 check. Within days after receiving and depositing the check, Sakelarakis withdrew $30,000 in cash and made additional cash withdrawals, including several large withdrawals at ATMs.

Sakelarakis spent a portion of the funds at stores such as Armani Exchange, Foot Locker, Macy's, and Gamestop. In October and November 2017, Sakelarakis made several false representations in e-mails to the victim-investor relating to the status of the investments and the victim-investor's account. No funds were ever returned to the victim-investor.

Sakelarakis was arrested this morning and appeared before U.S. Magistrate Judge Sarah A.L. Merriam in New Haven, where he entered a plea of not guilty to the charges and was released on a $60,000 bond.

The indictment charges Sakelarakis with five counts of wire fraud and three counts of securities fraud, offenses that carry a maximum term of imprisonment of 20 years on each count. The indictment also charges Sakelarakis with one count of money laundering, an offense that carries a maximum term of imprisonment of 10 years.

Source: https://www.justice.gov/usao-ct/pr/milford-man-arrested-charged-defrauding-elderly-individual