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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.

Mike January 31, 2013 at 01:59 PM
Wow what a scumbag can never trust anyone anymore
Dan January 31, 2013 at 02:08 PM
14 percent return, and he believed it??
Mary January 31, 2013 at 02:11 PM
It just comes to show you, no one is invincible. This can happen to the best of us. Please be careful who you invest with. So sorry to hear about what happened to you Mr. O'Connor. I hope you get some restitution.
Patrick Rahilly January 31, 2013 at 03:08 PM
Its real easy to get sucked in because that 14% return is promised over a period of time like 3 to 7 years so even though the total return is 14% you really only make a portion of your investment + the interest. For example, If he invested $15,000 the deal may be over 5 years with a 14% return. So he would be expecting a check once a year for $3,000 + interest of only $420. When it's broken down its real easy to think these scams are legit.

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