Deirdre M. Daly, United States Attorney for the District of Connecticut, announced that JAMES E. NEILSEN, 55, of Norwalk, was arrested today on a criminal complaint charging him with defrauding individual investors out of more than $400,000.

Following his arrest, NEILSEN appeared before U.S. Magistrate Judge William I. Garfinkel in Bridgeport and was ordered detained.

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.

U.S. Attorney Daly stressed that a complaint is only a charge and is not evidence of guilt. Charges are only allegations, and a defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.

This ongoing investigation is being conducted by the Federal Bureau of Investigation with valuable assistance from the Greenwich Police Department and the Connecticut Department of Banking.

Citizens with information that may be helpful to this investigation are encouraged to contact the FBI at (203) 333-3512.

The case is being prosecuted by Assistant U.S. Attorney David T. Huang.