Reported about 12 hours ago
Robert Cappelletti, having orchestrated an ambitious $750 million municipal bond deal in Groton, Connecticut, is now facing serious fraud allegations after the bond sale collapsed. The Groton Housing Authority has accused him of running a Ponzi-like scheme, misappropriating funds through shell companies, and failing to disclose substantial loans. The case has caught the attention of the FBI, highlighting vulnerabilities in the oversight of government agencies tasked with affordable housing. Amid increasing scrutiny, Cappelletti's actions are prompting a reevaluation of regulatory standards in the municipal bond market.
Source: YAHOO