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Conn. Investment Firm Fined $22 Million For Running Ponzi Scheme

Courtesy of Pixabay

A federal court has fined a Connecticut investment company $22 million for running a Ponzi scheme. Sharon-based Wilkinson Financial Opportunity Fund bilked 30 investors out of $11 million.

Alvin Wilkinson was once a highflying trader who sat on the board of directors for one of the largest options markets in the country. But starting in 2005, he went around to his friends, relatives, and business partners promising them 10 to 30 percent returns. When those profits didn’t materialize, he paid off old clients with money coming in from new clients.

The fraud unraveled when two investors noticed Wilkinson lied on financial statements. They wanted their money back, but Wilkinson gave a litany of excuses. Finally, federal regulators stepped in and sued. A judge ordered Wilkinson to pay $22 million in restitution and fines.

Wilkinson and his attorneys did not return calls for comment.

Copyright 2016 WSHU

Charles is senior reporter focusing on special projects. He has won numerous awards including an IRE award, three SPJ Public Service Awards, a National Murrow, and he was a finalist for the Livingston Award for Young Journalists.

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SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.

Connecticut Public’s journalism is made possible, in part by funding from Jeffrey Hoffman and Robert Jaeger.