Jul 16, 2015 11:24 AM
Man accused of Ponzi scheme to enter guilty plea
The Associated Press
CONCORD — A former investment broker accused of stealing hundreds of thousands of dollars from aging New Hampshire residents through a Ponzi scheme has agreed to serve prison time and pay restitution.
Concord Monitor reports Richard Higgins, of Stratham, is scheduled to plead guilty in August to one count of securities fraud.
As part of the deal, he will serve five years in prison. But he will not have to begin paying the money back until he is released.
Officials say Higgins raised nearly $1 million between 2007 and May 2014 from nine investors who were told they were funding a limited liability partnership.
Prosecutors say Higgins was instead diverting their money, as much as $420,000, to his personal bank account.
His attorney did not respond to a request for comment.