Valley resident charged with running a Ponzi scheme, stealing millions
A 50-year-old Valley man is accused of stealing millions of dollars from investors in a financial scheme.
Robert E. Lee Jr., 50, of Oxford, was arrested May 13 by federal officials and charged with defrauding multiple investors via a Ponzi scheme. He is accused of wire fraud, an offense that carries a maximum term of imprisonment of 20 years.
According to the criminal complaint, Lee was employed as a broker and financial advisor for various financial investment firms until July 2013, when he was terminated by his most recent employer, Rockwell Global Capital LLC.
Claimed to be investing money
From January 2011 to March 2014, Lee allegedly defrauded individuals by claiming that he was investing their money in various investment vehicles when, in fact, he was maintaining custody of their funds in his personal bank account.
He then used the money to make distributions to other investors, and for personal expenses, according to federal officials.
To conceal the scheme, Lee allegedly fabricated account statements and other documents, which he then delivered to his victims.
Federal officials said victims lost several million dollars as a result of this scheme.
Was arrested at his home
Lee was arrested at his residence in Oxford on Tuesday. He then made an appearance in New Haven federal court and was released on $250,000 bond.
The case is being investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant U.S. Attorney Christopher M. Mattei.
Citizens with information that may be helpful to this ongoing investigation are encouraged to contact the FBI at 203-777-6311.