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November 5, 2024

Stamford investment firm owner accused of wire fraud, money laundering after extradition from Brazil

By Harriet Jones

A Stamford man extradited from Brazil has appeared in court in Hartford on charges stemming from an alleged investment fraud scheme.

Justin C. Murphy, 49, plead not guilty to 23 counts and was released on a $250,000 bond.

Murphy owned and operated Greenwich-based Mara Investment Group LLC, which purported to be a hedge fund.

Prosecutors allege that for several years, between 2016 and 2022, Murphy defrauded investors, including stealing approximately $3.5 million for his personal expenses. 

Murphy is also accused of pursuing a much riskier investment strategy than he had promised, and misrepresenting the performance of investors’ money, including providing false account statements.

The indictment charges Murphy with 15 counts of wire fraud, five counts of money laundering and three counts of tax evasion.

A federal grand jury in New Haven returned the indictment in 2022, and Murphy was arrested in Brazil last year.
 

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