Waunakee man admits to Ponzi scheme

Patrick O’Connor, 61, a Waunakee businessman, has pleaded guilty to running a multimillion dollar Ponzi scheme.

O’Connor did business as Madison Financial Services LLC, which wasn’t registered with any federal agency, according to a WKOW-TV report, yet he allegedly spent $12.5 million in client money on “real estate, personal goods, and purported dividends to other investors.”