Press Release
☷Greenwich Resident Sentenced to Three Years in Federal Prison for Defrauding Investors of Nearly $1 5 Million
Federal Bureau of Investigation ( By Press Release office)
May 04,2022
| 36| 1
Greenwich Resident Sentenced to 3 Years in Federal Prison for Defrauding Investors of Nearly $1 . 5 Million Leonard C Boyle , United States Attorney for the District of Connecticut , announced that SAMUEL KLEIN , 66 , of Greenwich , was sentenced today by U . S . District Judge Janet C . Hall in New Haven to 36 months of imprisonment , followed by three years of supervised release , for defrauding investors of nearly $1 . 5 million . According to court documents and statements made in court , Klein controlled several different 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 , when Klein knew that all of the investment funds would not be used for the stated purposes . Based on these false representations , 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 . Klein subsequently solicited and received approximately $50 , 000 in additional funds from the victim investor . The investigation further revealed that , from approximately July 2016 through at least June 2019 , 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 . Judge Hall ordered Klein to pay restitution in the amount of $1 , 497 , 797 . 52 . On August 30 , 2021 , Klein pleaded guilty to one count of interstate transportation of property taken by fraud and one count of money laundering . Klein , who had been released on bond , was remanded to custody at the conclusion of today’s court proceeding . This matter was investigated by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigation Division . The case was prosecuted by Assistant U . S . Attorneys Jennifer R . Laraia and David T . Huang .
PLAY the NEWS
* May be useful for visually impaired persons .
Press release information:
Direct link to press release:
Click here .
