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Man charged with taking $1 million from Milford business

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MILFORD — A Woodbridge financial consultant has been charged with defrauding a Milford company out of more than $1 million.

Giovanni Masucci, 46, was indicted Monday in U.S. District Court in Bridgeport on four counts of wire fraud and three counts of mail fraud. Each charge carries a maximum sentence of 20 years in prison and a fine of up to $250,000.

He remains in custody pending a court hearing on July 17, a spokesman for U.S. Attorney Deidre M. Daly said.

According to the indictment, Masucci, who owned a North Haven financial services business,  had access to the Milford company’s checkbooks and financial ledgers.

From about July, 2011 to May 2014, Masucci allegedly diverted the Milford company’s funds to his own bank account.  The local business that was victimized was not named in a statement from Daly’s office.

The suspect then used the funds to pay personal expenses, including travel and lodging, and for purchases at several high-end retailers, the indictment states.

Masucci allegedly hid the thefts by creating false entries in the corporate check ledger, indicating that the checks were written for legitimate business purposes.

He would typically forge the signature of the authorized company representative on the check, the indictment claims.

The case is being investigated by the Connecticut Financial Crimes Task Force, the U.S. Secret Service and the Greenwich Police Department, and is being prosecuted by Assistant U.S. Attorney Ray Miller.

 

Categories: General
Frank Juliano

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