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Connecticut man faces 40 years in prison for fraud scheme

October 29, 2018 GMT

WESTPORT, Conn. (AP) — Authorities in Connecticut say a 72-year-old businessman has admitted to multiple offenses stemming from an investment fraud scheme.

U.S. Attorney for Connecticut John Durham says Barton Stuck, of Westport, will be sentenced on Jan. 22 after pleading guilty Thursday to wire fraud and engaging in illegal monetary transactions.

The Connecticut Post reports Stuck also admitted to two counts of lying to the Securities and Exchange Commission. He faces up to 40 years in prison.

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Authorities say Stuck misrepresented the finances of venture capital vehicles known as the “Signal Lake entities.” Prosecutors say he misled investors in order to defraud them and enrich himself.

Authorities are asking anyone who may have been victims of the Signal Lake investment scheme to contact them.

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Information from: Connecticut Post, http://www.connpost.com