NORWALK, Conn. -- A 55-year-old former Norwalk man faces up to 20 years in prison after he admitted stealing more than $150,000 through an investment fraud scheme as he pleaded guilty Monday to federal charges.
Patrick Castagna, now of Sarasota, Fla., waived his right to indictment and pleaded guilty before U.S. District Judge Janet Bond Arterton in New Haven to one count of wire fraud, U.S. Attorney for Connecticut Deirdre M. Daly announced.
According to court documents and statements made in court, in February 2011, Castagna offered an individual a purported investment opportunity in a telecommunications company.
That individual gave Castagna $150,000 to invest based on his representations and wired $150,000 to a bank account controlled by Castagna.
However, Castagna did not invest the money as promised, using it instead for his own personal expenses.
Between February and September 2011, Castagna made misrepresentations to the victim concerning the purported investment.
Arterton scheduled sentencing for Feb. 4, at which time Castagna faces a maximum prison term of 20 years.
Click here to sign up for Daily Voice's free daily emails and news alerts.