O'Connor, 12 Others Victimized In Ponzi Scheme
Former chairman of the Dover, NH School Committee has been arrested.
Tewksbury Superintendent of Schools Dr. John O'Connor is one of 13 people allegedly bilked out of hundreds of thousands of dollars by the former chairman of the Dover, NH School Committee in a Ponzi scheme.
According to a press release issued by the New Hampshire Department of Justice, Nicholas C. Skaltsis, of Dover, New Hampshire was arrested and on 19 felony counts of theft for allegedly operating a fraudulent investment scheme.
Skaltsis allegedly solicited a number of people, mostly friends, in the Dover area to invest in the purchase of distressed residential properties. Skaltsis allegedly told the investors he was using their funds to restore and then "flip" the properties.
According to the NH Dept. of Justice, Skaltsis promised a 14 percent return on the investment. But rather than use the money to purchase and restore properties, Skaltsis allegedly spent the money on personal expenses.
He is accused of stealing a total of $287,000.
According to an article appearing in Foster's Daily Democrat, one of the victim's in the case is O'Connor, who served as Superintendent of Schools in Dover from 2004-2010 and still owns a home in Dover.
O'Connor invested $15,000 with Skaltsis, according to Fosters.
In an interview with WMUR-TV, O'Connor said Skaltsis was someone he once "considered a friend."
O'Connor did not immediately respond to a request for a comment on the case.
Skaltsis has been hospitalized in Concord, NH since October, when he attempted suicide by running a generator inside his car, according to Foster's. A probably cause hearing is scheduled for Feb. 1.