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Middletown Man Gets 27-Months For Investment Fraud

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(Photo by Joe Raedle/Getty Images)

(Photo by Joe Raedle/Getty Images)

HARTFORD, Conn. (AP) _ Federal prosecutors say a former Middletown man has been sentenced to two years and three months in prison for running an investment fraud scheme that defrauded his victims of $390,000.

The U.S. Attorney’s office said 25-year-old Jonathan Gracia was sentenced Friday in Hartford and ordered to pay full restitution to his victims.

Authorities say Gracia falsely told friends and acquaintances that he was developing a website for which he had potential buyers, and that he had developed an “app” for the iPhone. He then solicited investments and loans from his victims in connection with the purported ventures.

Prosecutors say Gracia, who pleaded guilty in June to wire fraud, told the victims that they would receive outsized returns on their investments and created bogus documents to deceive his victims.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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