A federal jury found a Stonington woman who is the former operator of the Lighthouse Inn in New London guilty of participating in a million dollar investor fraud scheme.
According to a press release from the Connecticut U.S. Attorney, Maureen Clark 58, of Stonington was found guilty of conspiracy, wire fraud and money laundering offenses from a $1.7 million investment fraud scheme.
It took the federal jury less than two days to reach a verdict. The jury found Clark guilty of one count of conspiracy to commit wire fraud, 13 counts of wire fraud, and six counts of money laundering and not guilty in one count of wire fraud. Clark faces a maximum sentence of 20 years in prison for each count of conspiracy and wire fraud and a maximum 10 years in prison for each count of money laundering.
According to the press release the evidence presented at trail said Clark and her co-conspirator, falsely told investors and potential investors that they owned and/or controlled hundreds of acres of land in Lakeshore, Miss., and that partners in their company had invested several hundred million dollars of their own funds in buying land in the town. Clark told investors they would build a resort community.
According to the press release after receiving funds from investors, “Clark and Plummer did not invest the money as represented and instead diverted a significant portion of investors’ funds for their own personal use and benefit, including writing checks to cash, paying the expenses of McGrath Hotels (doing business as the Lighthouse Inn), and making mortgage payments on a property in Stonington.”
All together victims of the fraud suffered around $1.7 million in loses from the scheme.
Plummer pleaded guilty earlier this year to one count of conspiracy to commit wire fraud. As part of his guilty plea, Plummer agreed to forfeit his interest in property in Stonington, an automobile, and funds that have been seized during the investigation.
The Federal Bureau of Investigation investigated the case and Assistant U.S. Attorney Michael S. McGarry and Senior Litigation Counsel Richard J. Schechter prosecuted the case.