Island resident gets 7 years for fraud in Connecticut

An island resident has been sentenced to seven years in federal prison for defrauding investors of $64 million in a real estate and financing scheme on the Connecticut Gold Coast. John DiMenna, 75, pleaded guilty to two counts of wire fraud in September and was ordered to report to prison July 9.

The Bermuda Club resident has been called a “mini-Madoff” for his dishonest business practices in Connecticut from 2001-2015. Court documents show DiMenna and two associates used various entities such as Seaboard Realty, Seaboard Stamford Investment Group and Seaboard Properties Group to secure millions of dollars in capital for the purchase, renovation and construction of hotel and large multi-tenant apartment projects.

Read more here.