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US Securities and Exchange Commission

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Jersey Shore Reservist Admits Scamming Grieving Army Families Out Of $3.7M In Death Benefits Jersey Shore Reservist Admits Scamming Grieving Army Families Out Of $3.7M In Death Benefits
Jersey Shore Reservist Admits Scamming Grieving Army Families Out Of $3.7M In Death Benefits UPDATE: A ruthless now-former military reservist from Monmouth County admitted scamming the survivors of soldiers killed in war out of $3.7 million. Caz Craffy, 41, of Colts Neck, used his role as a counselor with the United States Army to pocket $1.4 million by exploiting the grief of Gold Star families, U.S. Attorney for New Jersey Philip R. Sellinger said. Craffy – who’s also known as “Carz Craffey” – “used lies and deception” to defraud two dozen families of what he told them were investments, the U.S. attorney said. For many, it was the only money they had. Whenever a member of the a…

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by Jerry DeMarco
Police & Fire
Jersey Shore Advisor Who Swindled Mentally Impaired Elderly Siblings Gets 3½ Years In Fed Pen Jersey Shore Advisor Who Swindled Mentally Impaired Elderly Siblings Gets 3½ Years In Fed Pen
Jersey Shore Advisor Who Swindled Mentally Impaired Elderly Siblings Gets 3½ Years In Fed Pen UPDATE: A former investment advisor from the Jersey Shore who admitted swindling elderly and impaired clients out of more than $625,000 to partly fund a gambling habit was sentenced to a plea-bargained 3½ years in federal prison this week. Mario E. Rivero Jr., 39, of Red Bank, must serve out the entire term because there's no parole in the federal prison system. Rivero, a former Wells Fargo agent and investment adviser representative who had an office in Elizabeth, convinced five clients to transfer investment funds to their personal bank accounts, federal authorities charged. Many of his …

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by Jerry DeMarco
News
Indicted NJ Businessman Freed On $100M Bond In Billion-Dollar Stock Fraud Indicted NJ Businessman Freed On $100M Bond In Billion-Dollar Stock Fraud
Indicted NJ Businessman Freed On $100M Bond In Billion-Dollar Stock Fraud A Bergen County businessman was arrested by federal agents on charges of orchestrating a massive market manipulation scheme that caused one of the biggest Wall Street trading collapses in history. Sung Kook “Bill” Hwang put the entire financial system at risk by conspiring with his former chief financial officer to boost profits for his Archegos Capital Management by lying to banks to inflate the stock prices of publicly traded companies, federal prosecutors said on Wednesday, April 27. The fraud scheme ballooned Hwang’s personal fortune from $1.5 billion to more than $35 billion in a singl…

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by Jerry DeMarco
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$1.5M Cosmetics Scam Sends NJ Swindler To Fed Pen For 2½ Years $1.5M Cosmetics Scam Sends NJ Swindler To Fed Pen For 2½ Years
$1.5M Cosmetics Scam Sends NJ Swindler To Fed Pen For 2½ Years A former Englewood resident must serve nearly 2½ years in federal prison for scamming three investors out of $1.5 million. Matthew Benjamin, 54, used the victims' money for car and house rental payments, food, international travel, legal fees, technology equipment and summer camp tuition for family members, among other purposes, U.S. Attorney for New Jersey Philip R. Sellinger said. Benjamin, currently of New York, told the victims that his purported company, Clear Solutions Group, had lucrative contracts to purchase closeout or excess cosmetic inventory from one company that he planned to …

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by Jerry DeMarco
News
NJ-Based Crypto Firm Will Pay SEC, States Unprecedented $100M Penalty NJ-Based Crypto Firm Will Pay SEC, States Unprecedented $100M Penalty
Nj-based Crypto Firm Will Pay SEC, States Unprecedented $100M Penalty A Jersey City-based cryptocurrency company will pay a record $100 million to settle alleged violations of investor-protection laws, state and federal authorities jointly announced. BlockFi Lending LLC neither admitted nor denied any wrongdoing when it agreed to the highest fine ever by a cryptocurrency company, Acting New Jersey Attorney General Matthew J. Platkin said on Monday, Feb. 14. However, it did take a different course than many of its crypto rivals by not fighting the fine. Of the total, $50 million will be paid to the U.S. Securities and Exchange Commission, and up to $50 millio…

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by Jerry DeMarco
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Authorities: Long Island Couple In $1 Million Securities Scam Targeted Elderly NJ Investors Authorities: Long Island Couple In $1 Million Securities Scam Targeted Elderly NJ Investors
Authorities: Long Island Couple In $1 Million Securities Scam Targeted Elderly NJ Investors Several New Jersey seniors were scammed out of more than $1 million combined by a Long Island couple, Garden State authorities have charged. Salvatore Magaraci, 63, and A. Kirsten Gallardo, 60, of Huntington, NY specifically targeted elderly victims to pitch unregistered securities to for a crooked – and now defunct -- company, Acting New Jersey Attorney General Andrew J. Bruck said. The Woodbridge Group of Companies purported to be a commercial lender that made hard-money loans secured by mortgages on commercial property. It ended up being ordered to pay $1 billion -- and saw its foun…

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by Jerry DeMarco
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Feds: NJ Ex-Con Who Served Time For Scamming Charities Charged With $1.35M Investor Ripoff Feds: NJ Ex-Con Who Served Time For Scamming Charities Charged With $1.35M Investor Ripoff
Feds: NJ Ex-Con Who Served Time For Scamming Charities Charged With $1.35M Investor Ripoff A compulsive gambler from Passaic County who went to federal prison for three years for ripping off organizations that benefit schoolchildren and people with life-threatening illnesses went right back to scamming after he got out, federal authorities charged. This time, Gregory Ciccone, 43, of Woodland Park orchestrated a scheme that defrauded investors of $1.35 million, much of which he used to buy a $54,330 BMW, clothes, wine and more, Acting U.S. Attorney Rachael A. Honig said. Ciccone told the 22 victims that he operated companies that reserved blocks of rooms of luxury hotels that then…

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by Jerry DeMarco
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South Jersey Man Indicted For Embezzling $200K From Philadelphia High Tech Firm, Feds Say South Jersey Man Indicted For Embezzling $200K From Philadelphia High Tech Firm, Feds Say
South Jersey Man Indicted For Embezzling $200K From Philadelphia High Tech Firm, Feds Say A 54-year-old Atlantic County man has been indicted in a long-running securities fraud scheme, federal authorities said. Joseph Geromini of Linwood, NJ, allegedly embezzled hundreds of thousands of dollars from his former employer, a Philadelphia-based technology start-up, according to a grand jury indictment. A separate but related complaint by the U.S. Securities and Exchange Commission accuses the former chief operating officer of spending much of the embezzled money on lavish personal expenses, including: buying a Land Rover, leasing a summer home on Nantucket Island,  buying Philade…

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by Jon Craig
News
Feds: Jersey Shore Swindler Embezzled Hundreds Of Thousands From Philly Start-Up Feds: Jersey Shore Swindler Embezzled Hundreds Of Thousands From Philly Start-Up
Feds: Jersey Shore Swindler Embezzled Hundreds Of Thousands From Philly Start-Up A Jersey Shore hustler embezzled hundreds of thousands of dollars in investments from a Philadelphia-based tech startup when he was its chief operating officer, federal authorities have charged. Joseph Geromini, 54, of Linwood told investors who contributed roughly $2.25 million that he would use their money to help build the company, which developed blood testing for various diseases, an indictment returned by a federal grand jury in Camden alleges. The Atlantic County resident promised to “further develop and commercialize its products and services, for lab expenses, and to pay employee s…

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by Jerry DeMarco
News
Owner Of 70 NJ Multi-Family Properties Admits $150M Bank Fraud Scheme Owner Of 70 NJ Multi-Family Properties Admits $150M Bank Fraud Scheme
Owner Of 70 NJ Multi-Family Properties Admits $150M Bank Fraud Scheme A Teaneck landlord admitted in federal court this week that he orchestrated a $150 million bank and securities fraud scheme that lasted nearly 10 years. Seth Levine, 52, told a U.S. District Court judge in Newark via teleconference that he and others pocketed cash they received by illegally refinancing 70 multi-family buildings containing nearly 2,500 apartments. Levine said he lied on refinancing applications about the rents collected, the number of apartments leased, expenses and the true owners of the complex, Acting U.S. Attorney for New Jersey Rachael A. Honig said. That wasn’t all: L…

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by Jerry DeMarco
Police & Fire
Bergen-Based Debt Reliever From Wayne Admits Scamming Victims Out Of $5 Million Bergen-Based Debt Reliever From Wayne Admits Scamming Victims Out Of $5 Million
Bergen-Based Debt Reliever From Wayne Admits Scamming Victims Out Of $5 Million A Bergen County lending company founder from Wayne who promised to help desperate, low-income customers pay off crushing loans admitted Thursday that he pushed them even further into debt while pocketing more than $5 million. Edward Espinal, 44, of Wayne, who pleaded guilty videoconference to securities fraud and conspiracy in exchange for leniency at sentencing, is “the quintessential con artist,” Acting FBI Special Agent in Charge Douglas Korneski said. “He played a shell game with other people’s hard-earned money, making promises he never intended to keep, and walking away with ill-gott…

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by Jerry DeMarco