From Yahoo Finance: 2025-06-07 09:00:00

Robert Cappelletti’s ambitious plan to transform Groton, Connecticut with a $4 billion upscale development project involving a $750 million municipal bond sale collapsed amid allegations of fraud. The FBI is investigating claims that Cappelletti engaged in double-dealing and took millions of dollars without authorization, leaving financial wreckage across the state. The case highlights vulnerabilities in the affordable housing sector where many agencies struggle with mismanagement and corruption. Cappelletti’s past controversies in public housing raise questions about oversight and accountability in the industry. The lawsuits are ongoing as authorities seek to uncover the full extent of the alleged fraud.



Read more at Yahoo Finance: Failed Muni Bond Draws FBI and Sparks `Ponzi-Like Fraud’ Claims