Christopher J. Sakelarakis, Elderly Investment Scheme, Connecticut 2019
A Milford man has been sentenced to 30 months in federal prison for his role in an investment scheme that defrauded an elderly individual of $60,000.
According to court documents and statements made in court, CHRISTOPHER J. SAKELARAKIS, 35, of Milford, held himself out as having the necessary qualifications, experience and abilities to provide investment services to the elderly victim-investor.
Sakelarakis falsely represented to the victim 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.
The victim provided Sakelarakis with a $60,000 check in October 2017, which was more than half of what the victim had saved for retirement. Within days after receiving and depositing the check, Sakelarakis withdrew $30,000 in cash, and then 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’s account. No funds were ever returned to the victim.
On October 15, 2018, Sakelarakis was arrested. On December 27, he pleaded guilty to one count of wire fraud.
Judge Janet C. Hall ordered Sakelarakis to pay full restitution, plus interest, to the victim.
Sakelarakis, who is released on a $60,000 bond, is required to report to prison on September 4, 2019.
The matter was investigated by the Federal Bureau of Investigation, Wilton Police Department and Greenwich Police Department, with the assistance of the Connecticut Department of Banking. The case was prosecuted by Assistant U.S. Attorney Michael S. McGarry and Law Student Intern Evan Marlow.
Key Facts
- State: Connecticut
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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