For Immediate Release
July 3, 2013
James T. Boffetti, Senior Assistant Attorney General
Attorney General Joseph A. Foster and Dover Police Chief Anthony Colarusso announce that Nickolas C. Skaltsis, of Dover, was convicted today in Strafford County Superior Court of four felony counts of theft. The charges stem from a joint investigation by the Attorney General's Consumer Protection and Antitrust Bureau, the Bureau of Securities Regulation and the Dover Police Department into the defendant's fraudulent investment activities. Skaltsis operated an investment scheme that solicited a number of individuals in the Dover area to invest in the purchase of distressed residential properties. Skaltsis made 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.
Skaltsis was sentenced to serve 1½ - 5 years at the New Hampshire state prison and ordered to repay the investor-victims a total of $277,733.94 in restitution. Skaltsis is prohibited from soliciting funds from any investor in any state and from engaging in the business of real estate. The Court also imposed an additional suspended state prison sentence of 3½ - 7 years at the prison. That sentence was suspended for a period of 10 years.
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