Norwalk Accountant Sentenced for Ponzi Scheme

A former Norwalk Account was sentenced to more than eight years in jail for operating a ponzi scheme that cost investors more than $1.6 million.

James Neilsen, 55, was sentenced Thursday in federal court.

Since at least 2006 he received mroe than $1 million to invst with Ulysses Partners LLC where he was a partner and chief financial officer. He also ran Neilsen Financial Services.

He promised guaranteed return rates of 9 to 10.5 percent, according to the U.S. Attorney District of Connecticut office.

As part of the scheme, he submitted fabricated account statements to his victims, and also sent lulling emails to multiple victims.Through this scheme, Neilsen defrauded victim investors of $1,663,641.83. In addition, hestole funds from various trust and estates accounts to which he had access.

U.S. District Judge Robert Chatigny found that the total loss attributable to Neilsen’s criminal conduct exceeds $6 million. A restitution hearing will be scheduled at a later time.