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A Norwalk man was arrested last week on accusations that he defrauded investors out of more than $400,000.
James Neilsen allegedly convinced three people to invest their money with him but used the money to pay other investors and make personal payments, according to the U.S. attorney for the District of Connecticut.
The criminal complaint charges Neilsen with wire fraud, an offense that carries a maximum prison term of 20 years.
This ongoing investigation is being conducted by the FBI, the Greenwich Police Department and the Connecticut Department of Banking.
Those with information for the investigation can contact the FBI at 203-333-3512.
