Connecticut resident Samuel Klein has pleaded guilty to fraud and money laundering through an investment fraud scheme.
In 2018, Klein falsely told an investor that their funds would be invested in distressed debt. As such, the victim investor paid $200,000 in check to one of Klein’s companies, Visual Group LLC. Klein deposited the check into a Visual Group LLC bank account. Thereafter, he sought and received nearly $50,000 more from the victim. Additionally, during 2016-2019, Klein defrauded three other victim investors of over $1.2 million through false representations. He utilized the funds he received from these victims personal and other expenses.
The US authorities will sentence Klein on November 22, 2021. Meanwhile, he will be paying $1,497,797.52 as restitution.
Source: US Department of Justice