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Malta man arrested in alleged Ponzi scheme

State Police in Clifton Park reported the arrest of Thomas F. Finnegan of Malta on Friday, June 11. Finnegan was arrested for one count of grand larceny in the second degree, three counts of grand larceny in the third degree, one count of grand larceny in the fourth degree, one count of criminal possession of a forged instrument in the second degree, identity theft in the second degree, scheme to defraud in the first degree and issuing a bad check, according to reports.

Finnegan reportedly stole more than $79,000 from various investors and more than $7,000 from third parties over the course of two and a half years.

According to police, the arrests stem from a Ponzi scheme which Finnegan allegedly perpetrated through TFF Realty, Ltd., a real estate partnership he formed in April of 2007. Finnegan listed investors on the partnership agreement which were not actual partners when he presented the partnership agreement to the victims in this case. Since the creation of the partnership, Finnegan advised the various investors that the partnership had purchased two apartment complexes in Saratoga County which were never in-fact purchased.

Finnegan was arraigned in the Town of Clifton Park Court on June 9 and was remanded to the Saratoga County Jail in lieu of $15,000 cash or $30,000 bond. Finnegan was ordered to return to the Town of Clifton Park Court on Wednesday, June 23.

The investigation is on-going and anyone with information is asked to contact Investigator Noto at 383-8583.

Check back to spotlightnews.com for updates on this story.

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