Federal agents charged an Oxford man Monday with using a Ponzi scheme to bilk investors out of millions of dollars.
The man, Robert E. Lee Jr., 50, worked as a broker and financial adviser at several firms.
Between January 2011 and March 2014, federal prosecutors allege he defrauded investors by telling him that he was investing their money when, in reality, he was keeping the cash in his personal bank account.
The feds say Lee concealed the scheme by creating fake account statements and other documents.
He then used the money to distribute cash to other investors, and for his own personal expenses, federal prosecutors say.
The FBI has been investigating Lee since 2011, according to an affidavit from Special Agent Christian T. Roccia filed in federal court.
Lee was arrested Monday on a charge of wire fraud at his Oxford residence.
He was released on $250,000 bond after appearing before U.S. Magistrate Judge Joan G. Margolis at U.S. District Court in New Haven.
In a press release announcing Lee’s arrest Tuesday, federal prosecutors said the investigation is ongoing, and asked anyone with information that may be helpful to contact the FBI at 203 – 777-6311.
