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Dover man gets to up to 5 years in prison for fraud

A former school board chairman in Dover has been sentenced to 18 months to
five years in prison after pleading guilty to running a fraudulent investment scheme.

Nickolas Skaltsis also was ordered to pay back his victims more than $277,000.

Prosecutors said between 2010 and 2012, Skaltsis
solicited money from at least 21 investors who believed
their funds would be used to rehabilitate real estate in Strafford County. Investors were told they would see a return of up to 24 percent interest.

Prosecutors said Skaltsis raised more than $300,000,
but only one investor was repaid in full. They said he deposited money he acquired into his own bank accounts
or used small portions to
make payments to other investors.

It’s not clear whether investors will see their money returned.

The Associated Press

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