New Canaan resident used investor funds to pay taxes, credit card expenses, gets prison time
A current
The charges stem back to March of 2015 when Hughes founded
For the purpose of purchasing the company and then developing it, Hughes would solicit and receive funds from dozens of investors. However, upon receiving his first investment in the amount of
Even after HBC bought Salute for
In addition to soliciting funds for Salute, Hughes would also solicit investments on behalf of another company that he had no official relationship with and therefore could not raise capital on their behalf as a result. Hughes would also use these investments for personal expenses, in addition to using them to pay back earlier investors and for business related to Salute.
Hughes also evaded tax obligations during this time by severely underreporting his income to the
On
In addition to his prison sentence, Hughes was also ordered to pay full restitution to investors in both HCB and the company he claimed to have an official relationship with, as well as the
He will also be subject to three years of supervised release after his sentence.
Hughes is currently living in
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