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Thursday, February 26, 2009

Former Westport Businessman Pleads Guilty in Fraud Scheme

The owner of a former Westport investment firm pleaded guilty today in federal court in New Haven to interstate transportation of money obtained from fraud.

Anthony Iati, 48, of York, Pa., was the owner of Great River Capital, LLC, formerly of 191 Post Road West in Westport. Court documents showed investors lost about $700,000 in connection with the company which sold jewelry to department stores. 

In order to finance the company while the company awaited payment from its customers, Iati obtained funds from investors, prosecutors said. In December 2006 and January 2007 an investor sent funds from Pennsylvania to the Westport firm, they said.

At the time of the interstate transportation of funds, Iati knew that he had already converted the investors’ funds for a real estate investment and was not using the funds as he had represented, the U.S. Attorney’s office said.

As a result of Iati’s misappropriation of funds, investors lost approximately $700,000, prosecutors said.

Iati faces anywhere from 18 to 37 months in federal prison when he is sentenced May 15 by U.S. District Judge Mark R. Kravitz. He is also subject to a fine of up to $1.4 million, as well as an order to pay back the money.

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Posted 02/26/09 at 11:07 PM  Permalink



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