Connecticut Firm Instructed to Reimburse Investors

investment fraud attorneysA Norwalk investment firm and accountant were recently ordered by Connecticut’s banking commissioner to reimburse investors at least $7 million, according to recent reports from the Constitution State.

Banking Commissioner Howard F. Pitkin said Ulysses Partners, LLC and James E. Neilsen, of Norwalk violated state securities law.  The firm and Neilsen were fined $25,000 and required to reimburse each of the investors the amount of funds collected plus interest, which totals at least $7,000,000.

“This is a sad story of trust and betrayal,” stated Pitkin.  “These victims trusted Neilsen as their personal and business accountant, and invested in Ulysses based on his reassurances that they would surely become millionaires.  The company, however, never made a profit, and those investors lost millions due to his fraudulent activities.”

According to the Commissioner, between 2005 and 2012, both Ulysses Partners and Neilsen allegedly sold unregistered securities in the form of promissory notes, subscription agreements and investment agreements to 33 persons who invested approximately $7,438,341.

In addition, the commission also determined the company, through Neilsen, allegedly violated the antifraud provisions by misrepresenting the anticipated rate of return and omitting any type of written disclosure or discussion of risks.

Pitkin said Neilsen works as an accountant and tax preparer in Connecticut and the majority of victims were his accounting clients.

Woolf said Neilsen allegedly denies that securities had been sold, and that he committed fraud intentionally.

Investment Fraud Lawyers Investigating

The Peiffer Rosca Wolf investment recovery lawyers often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the investment recovery lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1169 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


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