Developer pleads guilty in $70M fraud scheme in Bridgeport

John DiMenna, a real estate developer from Vero Beach, Florida, faces up to 50 years in prison after pleading guilty in a federal court in Bridgeport to two counts of wire fraud. Through companies including Seaboard Realty LLC, Seaboard Stamford Investment Group and Seaboard Properties Group LLC, DiMenna “engaged in a scheme to defraud investors and financial institutions,” said U.S. Attorney for the District of Connecticut Deirdre Daly. The prosecution said DiMenna’s investors lost approximately $28 million and lenders lost approximately $41 million, Westchester Business Journal first reported. [WBJ]