For Immediate Release
January 24, 2013
James T. Boffetti, Senior Assistant Attorney General
Consumer Protection and Antitrust Bureau
Attorney General Michael A. Delaney and Dover Police Chief Anthony F. Colarusso, Jr. announce that Nicholas C. Skaltsis, of Dover, New Hampshire has been arrested and charged with 19 felony counts of theft for operating a fraudulent investment scheme. The arrest follows an intensive investigation by the Attorney General's Office, the Dover Police Department, and the Securities Regulation Bureau.
Skaltsis is charged with operating an investment scheme that solicited a number of individuals in the Dover area to invest in the purchase of distressed residential properties. Skaltsis is accused of making false and deceptive representations about those investments by representing that he would use the funds to acquire, rehabilitate and re-sell distressed properties in Strafford County to provide for the return of the investors' funds with as much as 14% interest on those funds, when, in fact, he did not acquire, rehabilitate or resell those properties but instead treated those investment funds as his own and failed to repay those investors. The total amount of loss to those investors identified in the 19 charges is alleged to be $287,000.00.
Skaltsis was arraigned this morning in the Circuit Court in Rochester. The court allowed the defendant to remain hospitalized at New Hampshire State Hospital on personal recognizance bail, with the condition that he not leave the hospital premises without the permission of his treatment team. Upon his discharge from the hospital, the defendant's bail is immediately converted to $300,000.00 cash only. The defendant must surrender his passport, sign a waiver of extradition, is ordered not to have any contact with the victims and is prohibited from engaging in any real estate transactions. The next court date will be a probable cause hearing that is scheduled for February 1, 2013 at 1:00 pm at the Circuit Court in Rochester.
New Hampshire Department of Justice | 33 Capitol Street | Concord, NH | 03301