A Wethersfield resident has admitted to one count of wire fraud stemming from an investment scheme that defrauded individuals and couples of more than $874,000.
According to court documents and statements made in court, from 2001-2012, Anthony G. Sciarra operated AGS Financial, through which he offered insurance, securities and other financial products. He solicited investments from various victim-investors with promises of high annual investment returns ranging from 4 percent to 12 percent or more. Instead of investing any of the invested money as promised, Sciarra diverted funds for his personal use, including personal bills, shopping and gambling.
In addition to telling victim-investors that their funds had been invested as represented, Sciarra sought to prevent the discovery of the scheme by issuing partial payments to the victim-investors as a partial return of the principal and monies that were then due. Eventually, these payments stopped and the scheme was discovered.
The Connecticut Department of Insurance revoked Sciarra’s insurance license in May 2012 after he defrauded at least 12 victim-investors of approximately $874,000.
Sentencing is scheduled for April 26, at which time Sciarra faces a maximum term of imprisonment of 20 years. He is released on a $100,000 bond pending sentencing.