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Wilton Man Pleads Guilty on Embezzlement Charges

District Attorney Jan Scully announced today that 47 year-old Lonnie Nielson of Wilton, was sentenced to 7 years in prison after pleading guilty to six felony charges of grand theft. Formerly a part-owner of the Sacramento Capitals tennis team, Nielson admitted that he embezzled over $800,000 from 11 clients between May 2009 and July 2010.

Nielson was the owner and sole operator of 1031 Exchange Real Estate Service, Inc., a business that temporarily accepted funds from the sale of his clients’ real estate properties.  Nielson was supposed to put these funds into separate and secure bank trust accounts for each client. These funds were to be applied to his clients’ future purchases of other real estate properties.

Instead of holding his clients’ funds in separate bank trust accounts, Nielson used their funds to  pay off debts he owed to other clients, including an investment Nielson made in the Le Rivage Hotel in Sacramento. As a result, Nielson was unable to return the funds as promised to his clients.

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