A Hamden man was sentenced to seven years in prison after being accused of stealing from multiple families who had entrusted their retirement savings with him, according to the Division of Criminal Justice.
The Ansonia/Milford State's Attorney said the 44-year-old Travis Smith claimed to be an investment advisor.
Officials arrested Smith on a warrant for stealing funds from two families, one in Milford and the other in Durham in the spring of 2019.
Milford detectives determined that Smith had repeatedly and persistently solicited the families to entrust their retirement savings with him over the course of many years, according to court documents.
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Months after being entrusted with about $300,000 in retirement savings, Smith created a shell limited liability corporation and bank account in which he embezzled all of the families' savings.
Officials said between 2015 and 2016, Smith spent a lot of money of himself by taking vacations to Myrtle Beach and spending thousands of dollars of the families' money at the Mohegan Sun Casino.
Smith plead guilty to larceny charges, according to the DCJ. Officials said Smith will have to pay back the families.
