Cape Cod man charged in $800,000 investment scamAP , Associated Press
Jan. 17, 2014 8:57 AM ET
BOSTON (AP) — A Barnstable man is facing federal charges for allegedly defrauding three people out of $800,000 in a long-term investment scam.
Federal prosecutors said Thursday it started in 2005 when Jeffrey Semanscin allegedly told one person that he was trained in "risk management."
According to an FBI affidavit, the person was impressed and gave Semanscin more than $600,000 between to invest.
The Cape Cod Times (http://bit.ly/1kGoVFH ) reports that that person introduced Semanscin to two other investors who gave him $94,650 and $80,000 to invest.
When the initial investor asked Semanscin for a $400,000 payout in September 2013, he balked and allegedly admitted the scam in an email. Authorities say he spent the money on personal expenses.
Nobody returned a message left Thursday at a phone number listed for Semanscin.
Information from: Cape Cod (Mass.) Times, http://www.capecodonline.com