$50 Million Securities Fraud Charge Guilty Plea Entered by Watchung Man
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 …
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