Branford man accused of running pyramid scheme - WFSB 3 Connecticut

Branford man accused of running pyramid scheme

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BRANFORD, CT (WFSB) -

A Branford man has been arrested on charges that he cheated investors out of hundreds of thousands of dollars through a pyramid scheme.

Federal prosecutors said Friday that 42-year-old Feisal Sharif was arrested at his home on Thursday. A criminal complaint accuses him of running an investment fraud scheme through First Financial, a firm that he operated out of his home.

Sharif allegedly created false account statements to make one victim believe that his $400,000 investment had appreciated to more than $2.2 million.

He is charged with wire fraud and faces up to 20 years in prison if convicted. He was released on $150,000 bond following a court appearance in U.S. District Court in Bridgeport.

Sharif did not immediately respond to a phone message seeking comment.

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