Greenwich Man Admits to $1.5M Investment Scam

A Greenwich resident has pleaded guilty to fraud and money laundering offenses after scamming investors out of nearly $1.5 million.

Samuel Klein, 65, of Greenwich, admitted to controlling several entities, including Visual Group LLC; O.S. Management, LLC; KF Pecksland LLC; Four Pines Holdings, LLC; and Payton Lane NH, Inc.

Klein made false representations to victim investors, claiming their funds would be used for distressed debt, when in reality, he used the money for personal and other expenses.

One victim investor was defrauded out of $200,000, while three others lost a total of over $1.2 million. Klein pleaded guilty to one count of interstate transportation of property taken by fraud and one count of money laundering.

Each offense carries a maximum term of imprisonment of 10 years. Klein is scheduled to be sentenced by U.S. District Judge Janet C. Hall on November 22, 2021, in New Haven.

Klein has agreed to pay restitution in the amount of $1,497,797.52 and is currently released on a $500,000 bond pending sentencing.

The matter is being investigated by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigation Division. The case is being prosecuted by Assistant U.S. Attorneys Jennifer R. Laraia and David T. Huang.

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