A Connecticut man has been found guilty on a multimillion dollar stranger-originated life insurance scheme.

Daniel Carpenter, formerly of Simsbury, has been found guilty of 57 counts of conspiracy, mail and wire fraud, money laundering and illegal monetary transaction offenses. The charges stem from a scheme to defraud insurance companies into issuing policies on the lives of elderly people to benefit the defendant and other investors.

According to the evidence presented in court, Carpenter controlled a series of companies based in Simsbury and Stamford that developed the Charter Oak Trust, an employee welfare benefit plan and trust. The trust’s primary objective was to obtain insurance policies on elderly individuals’ lives to be held as an investment or resold on the life settlement market.

The agents working on behalf of Carpenter promised the elderly individuals free life insurance for two years. At the end of the two years, they would attempt to sell the policies on the life settlement market, falsely representing to the individuals that they would receive a portion of sale proceeds.

There was false information on the insurance applications and as a result, the company procured 84 insurance policies that had a total aggregate death benefit of more than $459 million on 76 different lives. The company also received more than $12 million in commission from insurance providers.

Under one individual’s plan, the trust did not pay the funds to the beneficiary of the individual that died within the two-year period and instead used it to pay other expenses.

Sentencing is scheduled for Aug. 26. Carpenter faces up to 20 years in prison on each count of mail and wire fraud, and conspiracy to commit mail and wire fraud; up to 20 years on each count of money laundering and conspiracy to commit money laundering; and up to 10 years on each count of making illegal monetary transactions.

Carpenter is currently serving a 36-month imprisonment for a previous mail and wire fraud conviction in Massachusetts.