BRIEF: Milford man charged in $60K fraud on elderly investor

Oct. 16--After incurring a $100,000 fine from state regulators last month, a Milford man was arrested Monday and charged with stealing $60,000 that had been placed with him for investment by an elderly victim.

Christopher J. Sakelarakis 34, entered a plea of not guilty on fraud and money laundering charges brought by the office of the U.S. Attorney for the District of Connecticut, with the Wilton and Greenwich police departments having assisted in the investigation. He was released on $60,000 bond.

According to prosecutors, Sakelarakis falsely represented himself as having the qualifications to act as an investment advisor, convincing the unnamed victim to provide a $60,000 check. Sakelarakis then spent the money at retailers like Armani Exchange, Foot Locker, GameStop and Macy's, while making false statements with regard to the status of the funds he was supposed to have invested.

The Connecticut Department of Banking recently hit Sakelarakis with a $100,000 fine, listing Norwalk at the time as Sakelarakis' last known address.

[email protected]; 203-842-2545; @casoulman

___

(c)2018 The Hour (Norwalk, Conn.)

Visit The Hour (Norwalk, Conn.) at www.thehour.com

Distributed by Tribune Content Agency, LLC.