A 72-year-old man from the area has admitted to lying to the FBI and SEC while misrepresenting the worth of his businesses for several years.
Westport resident Barton Stuck, who controlled the business entities of Signal Lake, a venture capital company that invests in technology companies - has pleaded guilty to multiple offenses related to an investment fraud scheme.
Stuck admitted to committing fraud in 2015 and 2016 by misrepresenting the financial health and prospects of the Signal Lake entities and their investments to benefit himself personally.
In one instance, he told an undercover FBI agent falsely that Signal Lake had $200 million in a particular bank account and said that he would be able to double a $500,000 investment.
In pleading guilty, Stuck also admitted that he made false statements in forms filed with the SEC in 2016 and 2017. Specifically, he falsely claimed that a Signal Lake entity managed and had a gross asset value of $145 million, and was subject to annual audits by a Stamford accounting firm.
On Feb. 21, a grand jury returned an indictment charging Stuck with one count of wire fraud, one count of engaging in illegal monetary transactions, and two counts of making false statements to the SEC. This week, Stuck pleaded guilty to all four counts of the indictment.
Stuck remains released on a $100,000 bond. He is scheduled to be sentenced on Jan. 22 next year, when he will face up to 40 years in prison.
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