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Wethersfield Man Admits $874,000 Investment Scam
Anthony G. Sciarrino, 53, of Wethersfield, has pleaded guilty to operating an investment scheme that defrauded at least 12 individuals and couples of more than $874,000.
According to court documents, Sciarrino operated AGS Financial, a company that offered insurance, securities, and other financial products. However, he held himself out as a licensed insurance agent and financial advisor despite losing his insurance license in May 2012.
Between 2007 and July 2015, Sciarrino solicited investments from various victims with promises of high annual returns, ranging from 4 percent to 12 percent or more. However, he diverted funds for his personal use, including paying restaurant bills and department store purchases, and made large cash withdrawals from ATMs and at Foxwoods Casino.
Sciarrino also used some of the funds to make ‘interest’ payments to other victims and made false statements to prevent the scheme’s discovery.
The scheme was eventually uncovered, and Sciarrino faces a maximum 20-year prison sentence at his April 26, 2017, sentencing hearing.
Sciarrino is currently out on a $100,000 bond pending sentencing. The investigation was led by the Federal Bureau of Investigation with the assistance of the Connecticut Department of Banking, Securities Division.
The case is being prosecuted by Assistant U.S. Attorney Michael S. McGarry.
Key Facts
- State: Connecticut
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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