62-year-old Garrett Denniston allegedly cheated more than 50 people out of more than $2.5 million through a company called ConsensusOne. Denniston is a former resident of Sandy Hook and Maine. He pleaded guilty Thursday to one count of wire fraud.
U.S. Attorney spokesman Tom Carson says instead of investing the victims' money, Denniston used it for business and personal expenses such as golf and ski outings, country club memberships, hotels and home-related bills.
He is accuse for making fake legal documents and forging signatures of those documents. At times, he also used one investor’s funds to repay other investors.
Carson says the man told investors that he ran a successful investment business and could offer them a special ‘friends and family’ deal investing in companies for a guaranteed return of their investment plus a high rate of interest.
Denniston has been in jail since his September arrest and will be sentenced on June 11th. He faces up to 20 years in prison.