Connecticut Man Pleads Guilty to 1 point 9 Million Dollar Investment Fraud Scheme
Last Thursday, Christopher Plummer, of Lyme, Connecticut, admitted to an
investment scheme that defrauded investors out of approximately $1.9 million.
Total victim losses were around $1.7 million.
According to a Jan. 27 U.S. Attorney’s Office press release, Plummer told investors and potential investors that he was an “Authorized Member” of New England Resorts, LLC, and that he (in various manners) owned hundreds of acres of land in Lakeshore, Mississippi. that were zoned for the development of casinos, a medical facility, and numerous residential properties. He also said that the partners of New England Resorts, LLC had invested several hundred million dollars of their own money in land in Lakeshore. Plummer and a co-conspirator also sent emails to investors that were meant to convince investors that major Wall Street firms were partnering in the Lakeshore project.
None of Plummer’s representations were true. Further, according to the press release, Plummer and his co-conspirator never invested any of the funds as represented, but instead took a significant portion of the funds for their own use and benefit.
During his plea, Plummer also admitted to a second investment scheme in which he represented himself as a “managing member” of Madison and Wall Investments LLC to gain access to a victim’s funds. Plummer told the investor that he could invest his funds in a firm that used a computer-based trading system to render returns of 100 percent within two years. The victim lost $179,000 in the investment fraud.
Plummer pled guilty to one count of conspiracy to commit wire fraud, which carries a maximum penalty of 20 years in prison. Plummer’s sentencing has been scheduled for April 13.