Greenwich Cops Help Catch Man Accused Of Scamming Elderly Victim

MILFORD, CT — A 34-year-old Milford was indicted by a federal grand jury in New Haven last on fraud and money laundering charges for allegedly defrauding an elderly victim out of $60,000, according to United States Attorney John H. Durham and Brian C. Turner, Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation.

Christopher J. Sakelarakis, who was arrested last week, is accused of using a fake investment scheme to swindle the victim. He pleaded not guilty before U.S. Magistrate Judge Sarah A.L.Merriam in New Haven, and is currently free on a $60,000 bond.

The indictment charges Sakelarakis with five counts of wire fraud and three counts of securities fraud, offenses that carry maximum prison terms of 20 years on each count. The indictment also charges Sakelarakis with one count of money laundering, an offense that carries a maximum prison term of 10 years.

According to the allegations in the indictment, Sakelarakis "held himself out as having the necessary qualifications, experience and abilities to provide investment services to a victim-investor."

He allegedly led the victim to believe "that he had a number of investment clients, that he was making a substantial profit including by day trading, and that he had a contact in an investment firm who
provided him with stock tips."

Sakelarakis also represented that he would invest in stocks, options and other financial instruments on behalf of the victim-investor and that his compensation would be a commission on 10 percent of the profits, according to prosecutors.

"It is further alleged that, in October 2017, the victim-investor provided Sakelarakis with a $60,000 check," wrote Durham in a statement. "Within days after receiving and depositing the check, Sakelarakis withdrew $30,000 in cash, and then made additional cash withdrawals, including several large withdrawals at ATMs. Sakelarakis spent a portion of the funds at stores such as Armani Exchange, Foot Locker, Macy’s and Gamestop. In October and November 2017, Sakelarakis made several false representations in e-mails to the victim-investor relating to the status of the 'investments' and the victim-investor’s account. No funds were ever returned to the victim-investor."

U.S. Attorney Durham stressed that an indictment is not evidence of guilt. Charges are only allegations, and a defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.

This matter is being investigated by the Federal Bureau of Investigation, Wilton Police Department and Greenwich Police Department. The case is being prosecuted by Assistant U.S. Attorney Michael S. McGarry.

U.S. Attorney Durham noted that this case has been brought as part of the Justice Department’s Elder Justice Initiative (EJI). To learn more about EJI, please visit www.justice.gov/elderj

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