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Greenwich Resident Pleads Guilty to Investment Fraud
Samuel Klein, 65, of Greenwich, Connecticut, pleaded guilty to investment fraud and money laundering offenses. According to court documents, Klein controlled several entities, including Visual Group LLC, O.S. Management, LLC, KF Pecksland LLC, Four Pines Holdings, LLC, and Payton Lane NH, Inc.
In 2018, Klein made false representations to a victim investor, including that the victim’s funds would be invested in distressed debt. The victim investor wrote a check in the amount of $200,000 to Visual Group LLC for the purpose of making a purported investment in distressed debt. Klein caused the check to be transported from New York to Connecticut and deposited into a bank account in the name of Visual Group LLC.
The investigation revealed that Klein defrauded three additional victim investors of a total of more than $1.2 million by making multiple false statements and misrepresentations. Klein knew that all of the funds solicited from the victim investors would not be used for his stated purposes, and instead would be utilized by Klein for personal and other expenditures.
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. He 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. Klein is released on a $500,000 bond pending sentencing.
This 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.
Samuel Klein, 65, of Greenwich, Connecticut, is a resident who pleaded guilty to investment fraud and money laundering offenses. He controlled several entities and made false representations to victim investors. Klein defrauded three additional victim investors of over $1.2 million and has agreed to pay restitution in the amount of $1,497,797.52.
Key Facts
- State: Connecticut
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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