Tuesday, June 4, 2013
U.S. Attorney Paul Fishman says David Connolly misled investors in real estate scheme.
Watchung resident David Connolly was ordered to surrender nearly $10 million, in addition to paying $18,732,775 in restitution, for his part in an investment scheme that prosecutors said was a little more than a Ponzi scheme. Connolly, 51, was charged in May 2012 with securities and mail fraud in connection with a real estate investment business. He was additionally charged with money laundering in January and entered a guilty plea to the charges. U.S. District Judge William J. Martini ordered Connolly to serve 108 months in prison, plus pay restitution and forfeit $9,920,000 for his role in defrauding victims in an investment scheme by misusing their capital contributions and misrepresenting the performance of their investments, U.S. …
Monday, February 4, 2013
David Connolly faces possible prison time and fines after entering plea.
Watchung resident David Connolly, 51, pleaded guilty today to one count of securities fraud and one count of money laundering, after admitting that he had defrauded participants of an investment plan by misusing their capital contributions and misrepresenting the performance of their investments, U.S. Attorney Paul J. Fishman said. Connolly pleaded guilty to the charges that were issued Jan. 23 in a Superseding Indictment before U.S. District Judge William J. Martini in Newark federal court. He was charged on May 16, 2012 in an indictment with one count of securities fraud, five counts of mail fraud, three counts of wire fraud and seven counts of money laundering, and entered a not guilty pleas to all of the charges on May 31. The grand …
Thursday, May 31, 2012
Watchung real estate developer faces 16 charges of fraud.
Watchung resident David Connolly, 50, entered not guilty pleas to all 16 counts of fraud in federal court this morning, according to the Courier-News. In a staff report from the Martin Luther King Jr. Federal Building and Courthouse in Newark, Connolly is reported to have entered the not guilty pleas at his arraignment. He was charged on May 17 with one count of securities fraud, five counts of mail fraud, three counts of wire fraud and seven counts of money laundering relating to his real estate businesses. U.S. Attorney Paul J. Fishman alleges Connolly operated a Ponzi scheme, using more than $50 million from investors in the complicated scheme, which netted more than $9 million in losses—much of which is believed to have been taken by …
