HARTFORD, Conn. (AP) — A Connecticut man will spend almost four years in prison for operating an investment scheme that defrauded people of more than $874,000.
Court documents say Sciarra operated AGS Financial, through which he offered insurance, securities and other financial products. He operated the firm from 2001 until May 2012. Around that time, the state revoked his insurance license.
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Between 2007 and 2015, Sciarra presented himself as an insurance agent and financial advisor when he was not. Through AGS Financial and later another entity, he solicited investments from at least 12 investors with promises of high returns.
Authorities say Sciarra used the funds for personal use.