A North Haven man has been charged with stealing more than $1 million from investors who believed they were funding a legitimate cannabis business, according to the North Haven Police Department.
Investigators began looking into the alleged embezzlement on March 25th of last year after reports surfaced that approximately $1.1 million had been misappropriated.
Authorities said the victims were led to believe they were investing in a lawful cannabis venture. Following interviews and executed search warrants, 47-year-old Eddie Fernandez of North Haven, Connecticut was identified as the person who introduced the business opportunity, met with the investors, and collected over $1 million in funds.
An arrest warrant was issued for Fernandez, and he was taken into custody on February 25th.
Fernandez now faces multiple charges, including:
Four counts of larceny in the first degree
One count of larceny in the second degree
One count of forgery in the second degree
Five counts of SEC fraud
The arrest comes after a year-long investigation conducted by the North Haven Police Department. Authorities have not released additional details regarding the case.
