District Judge Janet Bond Arterton sentenced former Boothbay Harbor and Sandy Hook, Conn., resident Garrett “Denny” Denniston to eight years in prison July 9 in New Haven, Conn., followed by three years of supervised release, for operating a multimillion dollar investment fraud scheme. In addition, Denniston was ordered to pay over $3 million in restitution.

Denniston, 62, was arrested in Boothbay Harbor September 19 and pleaded guilty February 13 in New Haven to one count of wire fraud. 

“This lengthy prison term is appropriate for an individual whose long-running scheme defrauded at least 50 victims, including close friends and family, of more than three million dollars,” Acting U.S. Attorney Deirdre Daly said in a press release. “Many investors were financially ruined. The investing public is urged to steer clear of similar ‘preferred’ investment deals, promises of risk-free investments and guarantees of a high rate of return.”

From approximately 2005 to 2012, Denniston defrauded 54 individuals of more than $3 million through a Connecticut company called ConsensusOne, according to court documents and statements made in court.