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Joseph A. Tahmoosh, 50, of Budd Lake, created a shell company called SNL Management LLC, then told the victim in December 2013 that he would "invest and manage the money on the individual’s behalf through SNL Management LLC," Passaic County Prosecutor Camelia M. Valdes said Friday.
Tahmoosh converted the money over the next two years for his personal use, Valdes said investigators from her Financial Crimes Unit found.
He then "provided the individual with fraudulent monthly financial statements to cover up the theft and further the scheme," she said.
Tahmoosh was released pending a June 1 first appearance in Superior Court in Paterson on theft by deception charges.
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