January 11, 2008
Greenwich man admits defrauding investors
Federal prosecutors say a Greenwich man has admitted defrauding investors of more than $5 million.
Robert E. Bridges pleaded guilty in federal court in New Haven Thursday to two counts of wire fraud related to the scheme.
Authorities say from 2004 to 2006, Bridges engaged in various schemes to defraud investors of about $5.4 million, including a scheme in which he promised investors he would buy debt portfolios with the money.
The 52-year-old faces up to 40 years in prison and a fine of up to $10.8 million when he is sentenced March 28. Bridges also will be required to pay restitution of about $5.4 million.
Bridges has been detained since his arrest Oct. 12.
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