BRIDGEPORT, Conn. (WTNH) — A Norwalk man was arrested and faced a U.S. Magistrate today in Bridgeport on a criminal complaint charging him with defrauding individual investors out of more than $400,000.
55-year-old, James Neilsen was detained following his arrest. According to statements made in court, it is alleged that Neilsen defrauded three individuals by convincing them to invest their money with him. Instead of investing funds as promised, Neilsen used the money to pay other investors and to make various personal expenditures.
The complaint charges Neilsen with wire fraud, an offense that carries a maximum term of imprisonment of 20 years.
Anyone with information that may be helpful to this investigation is encouraged to contact the FBI.