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Bergen Prosecutor: Feds Capture Parolee In $500,000 Ponzi Scheme

Giuseppe Valentino
Giuseppe Valentino Photo Credit: BERGEN COUNTY PROSECUTOR

U.S. Marshals captured an ex-con who ran a Ponzi scheme while on federal probation that swindled a Fort Lee investor, among others, out of more than $500,000, authorities said.

Giuseppe Valentino, 52, “solicited multiple investors in his company, Rhineau LLC, by representing that he had developed a proprietary algorithm for the execution of binary options,” Bergen County Prosecutor Mark Musella said Wednesday.

A judge issued a warrant for Valentino’s arrest in March after Financial Crimes Unit detectives found that he’d collected a half-million dollars that he used for himself without investing any of it, Musella said.

The Marshals caught up with him in New York last week, the prosecutor said.

Valentino, who lives in Tribeca off the West Side Highway near Canal Street, remained held pending extradition to New Jersey to face charges of money laundering, theft and falsifying records.

He'll also have to answer to authorities in the Southern District of New York for violating federal parole, the prosecutor said.

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