Latest news with #MaraInvestmentGroup
Yahoo
01-05-2025
- Business
- Yahoo
CT man accused of defrauding investors out of nearly $3.5 million through hedge fund scheme
A Stamford man has pleaded guilty to federal charges after authorities accused him of defrauding multiple people out of nearly $3.5 million through a hedge fund scheme. Justin C. Murphy, 50, appeared Tuesday in federal court in New Haven where he pleaded guilty to one count each of wire fraud and money laundering, according to the U.S. Attorney's Office for the District of Connecticut. The charges combined expose him to 30 years in prison, officials said. According to federal authorities, Murphy owned and operated Greenwich-based Mara Investment Group, LLC, which was also known as Mara Investment Management LP and Mara Investments Global Management LLC. He purported the group to be a hedge fund that solicited investments and used a 'quantitative strategy that balanced long and short positions in securities.' According to officials, between around 2016 and September 2022, Murphy defrauded investors by pursuing a 'much riskier investment strategy' than he disclosed and diverted 'substantial investor funds' for his own personal use. Authorities alleged that he also informed victims that their investments were performing more favorably than they were. Murphy allegedly went as far as to provide investors with account statements that falsely represented their account balances and federal tax forms that falsely reported business income that required them to pay taxes on money they believed they had made, officials said. Murphy has been accused of stealing about $3,465,812 through the scheme, reportedly using the money for personal expenses and to purchase a personal stake in his relative's startup company, according to authorities. Murphy was arrested in Brazil on Dec. 6, 2023, and was detained for nearly 11 months while awaiting extradition to the U.S. He has been released on $250,000 bond since November 2024. His sentencing has not yet been scheduled.
Yahoo
30-04-2025
- Business
- Yahoo
Greenwich investment group operator pleads guilty to money laundering
GREENWICH, Conn. (WTNH) — A Stamford man pleaded guilty to money laundering offenses in connection with an investment fraud scheme, according to court documents. Justin C. Murphy, 50, was charged with one count of wire fraud and one count of money laundering. Yale student robbed while walking on Lynwood Place in New Haven Murphy owned and operated Greenwich-based Mara Investment Group, LLC., which he reported was a hedge fund that balanced long and short positions in securities, according to court documents. According to court documents, between 2016 and September 2022, Murphy allegedly defrauded investors by pursuing a riskier investment strategy than what was stated. He also allegedly used investor funds personally. Murphy also told investors that their investments were performing better than they were. He allegedly provided investors with account statements that falsely represented their account balances and falsely reported federal tax forms. Murphy allegedly stole around $3,465,812 in investor funds, according to court documents. Murphy was arrested in Brazil on Dec. 6, 2023. He was detained for nearly 11 months while awaiting extradition. He's been released on a $250,000 bond since Nov. 1, 2024. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
