Oxford Man Admits Operating Ponzi Scheme
Deirdre M. Daly, United States Attorney for the District of Connecticut, announced that ROBERT E. LEE, JR., 50, of Oxford, pleaded guilty today in Bridgeport federal court to an indictment charging him with five counts of wire fraud stemming from his operation of a Ponzi scheme.
According to court documents and statements made in court, LEE was employed as a broker and financial advisor for various financial investment firms until July 2013 when he was terminated by his most recent employer, Rockwell Global Capital, LLC. Between January 2011 and March 2014, LEE defrauded individuals of more than $800,000 by claiming that he was investing their money in various investment vehicles when, in fact, he was maintaining custody of their funds in his personal bank account. He then used the money to make distributions to other investors, and for personal expenses. To conceal the scheme, LEE fabricated account statements and other documents, which he delivered to his victims.
LEE was arrested on May 12, 2014, and he is currently released on a $250,000 bond.
Each count of wire fraud carries a maximum term of imprisonment of 20 years. LEE is scheduled to be sentenced by U.S. District Judge Jeffrey Alker Meyer on March 11, 2015.
The government is seeking the forfeiture of $358,077.17 that LEE held in an online trading account at the time of his arrest.
This matter is being investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant U.S. Attorneys David T. Huang and Christopher M. Mattei.