A former Connecticut man has pleaded guilty to federal charges related to a scheme to defraud investors of more than $1.3 million.
Prosecutors said John Jeffrey, also known as Tucker Jeffrey, offered people the chance to invest in two cargo shipping companies based in a South Pacific island chain that had long-term contracts that ensured profitability. He also created fake documents indicating that well-known shipping industry executives were involved with the companies when they were not.
Authorities say the 48-year-old Jeffrey used the investment money for personal expenses, including the mortgage on a home in the affluent community of New Canaan, private school tuition, and country club dues.
He pleaded guilty on Thursday to wire fraud.
Jeffrey, who now lives in Denver, faces up to 20 years in prison at sentencing.