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Grimy Times Investigates: Thomas J. Connerton’s $2.2M Investment Scheme
Stamford, CT – A federal jury in Bridgeport has found Thomas J. Connerton, 66, guilty of numerous offenses stemming from an investment scheme that defrauded individuals, including several women he met on a dating website, of more than $2.2 million.
The trial, which began on August 28, was prosecuted by the U.S. Attorney for the District of Connecticut, John H. Durham. Connerton was found guilty of 12 counts of wire fraud, one count of mail fraud, and 16 counts of securities fraud, offenses that carry a maximum term of imprisonment of 20 years on each count. He was also found guilty of four counts of money laundering, an offense that carries a maximum term of imprisonment of 10 years on each count, and one count of tax evasion, an offense that carries a maximum term of imprisonment of five years.
The evidence presented during the trial revealed that Connerton was the founder, president, and CEO of Safety Technologies, LLC, a Connecticut company that had its principal place of business at various times in Simsbury, Madison, Westport, and Stamford. Safety Tech was founded in 2006, purportedly for the purpose of developing and commercializing a highly durable puncture and cut resistant material that was to be used in the surgical glove market and other related markets.
However, the investigation revealed that Connerton used the funds from his investors to pay personal expenses, including purchasing two diamond engagement rings from Tiffany & Co. He also used the funds to repay loans to an earlier investor. Through this scheme, Connerton defrauded more than 50 victim-investors of more than $2.2 million.
The government is seeking full restitution for the victim-investors and forfeiture of the two engagement rings that Connerton purchased with proceeds of the fraud scheme. Connerton also owes more than $490,000 in back taxes, interest, and penalties. A sentencing date has not been scheduled.
Connerton has been detained since his arrest on March 9, 2017. This matter is being investigated by the FBI and the U.S. Securities and Exchange Commission (SEC). We will continue to follow this case and provide updates as more information becomes available.
Key Facts
- State: Connecticut
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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