By Karen Florin
A former Old Saybrook resident pleaded guilty Tuesday in U.S. District Court in Hartford Tuesday to defrauding 10 victims out of nearly $400,000.
Paul E. Brennan, 45, who was living in Phoenix, Ariz., most recently, convinced women with whom he was romantically involved and other acquaintances to cash checks for him at financial institutions, knowing the checks were drawn on closed or underfunded accounts and would be returned for nonpayment, according to the office of Acting U.S. Attorney Deidre M. Daly. Those crimes occurred between March 2009 to August 2011.
He also pitched phoney investment deals and solicited money for fraudulent business ventures from approximately November 2010 to June 2011, according to the government. During the scheme, Brennan convinced one victim to give him more than $100,000 for property deals and stock market investments, and he convinced other victims to give him money for investments in fraudulently operated businesses, including BC Property Management and B&D Powerwashing, according to the government. He also persuaded victims to grant him authorization to use their credit cards and lines of credit.
Brennan, who has been detained in federal custody since he was arrested in Arizona in February, faces a maximum of 50 years in prison when he is sentenced Sept. 11 for one count of bank fraud and one count of mail fraud.
The Federal Bureau of Investigation, Old Saybrook Police Department and New London State's Attorney's office investigated the case. Special Assistant U.S. Attorney Kerry L. Quinn is prosecuting.