Former New Canaan Resident Defrauds Investors of $1.3M, Pleads Guilty: Officials

NEW CANAAN, CT - Former New Canaan resident, Tucker Jeffrey, 48, pleaded guilty to a wire fraud scheme where investors were defrauded of more than $1.3 million, federal officials announced Friday.

Jeffrey, who now lives in Colorado, waived his right to indictment and pleaded guilty yesterday before U.S. District Judge Victor A. Bolden in Bridgeport.

According to court documents and statements made in court, Jeffrey offered individuals the opportunity to invest in Anchor Shipping and Trading, and Southern Cross Shipping, representing to victims that the companies were organized in the Marshall Islands, were engaged in the cargo shipping business, and had long-term contracts that would support a profitable international shipping business.

Instead of using invested funds as he had promised, Jeffrey used the vast majority of the money for his personal expenses, including paying for the mortgage on his New Canaan home, tuition at private schools, country club dues, and home renovation and landscaping costs, federal officials said.

As part of the scheme, Jeffrey created bogus documents that represented that certain well-known executives in the international shipping business were involved with the companies when, in fact, those executives had no such involvement, officials said in a news release.

He also e-mailed and telephoned his victims falsely representing that the companies were profitable, that the victims would soon be receiving distributions from their investments, and to reassure victims when payments were delayed, federal authorities said.

Jeffrey faces a maximum term of imprisonment of 20 years and a fine of up to approximately $2.6 million. A sentencing date is not scheduled.