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A New Fairfield man pleaded guilty to misappropriating more than $500,000 over a decade from a dozen clients through an unregistered broker-dealer he ran in Danbury called Deer Hill Financial Group L.L.C.
According to the office of U.S. Attorney David Fein and the Securities and Exchange Commission, Stephen B. Blankenship issued phony account statements while using the funds for personal expenses and to make Ponzi-like payments to other customers who had requested funds.
Blankenship, 63, was terminated in November 2011 from Vanderbilt Financial Services Inc., where he managed 90 accounts, some of them originating from fellow members of Walnut Hill Community Church in Bethel.
