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Investment Scam

Police & Fire
Ex-NJ Corrections Officer's Crypto Scam Targeted Police, Firefighters, EMTs: Authorities Ex-NJ Corrections Officer's Crypto Scam Targeted Police, Firefighters, EMTs: Authorities
Ex-NJ Corrections Officer's Crypto Scam Targeted Police, Firefighters, EMTs: Authorities A retired New Jersey corrections lieutenant preyed on his peers with a cryptocurrency scheme that cost participating police, firefighters, EMTs, and other first responders more than $620,000, state and federal authorities said. John DeSalvo, 47, of Linwood, also pulled a $100,000 investment scam that authorities said went to covering his credit card bills, day trading in cryptocurrencies and payments to a contractor who handled a luxury bathroom renovation for him. DeSalvo -- who worked for the New Jersey Department of Corrections for 13 years before retiring in 2010 -- created and promote…

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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
Feds: Convicted Big-Time NJ Ticket Investment Scammer Admits Doing It Again Feds: Convicted Big-Time NJ Ticket Investment Scammer Admits Doing It Again
Feds: Convicted Big-Time NJ Ticket Investment Scammer Admits Doing It Again A Middlesex County man who’d previously been convicted in a ticket resale investment scam admitted in federal court Thursday that he did it again, authorities said. Jeffrey Burd, 61, of Edison, told a U.S. District Court judge during a virtual hearing in Newark that he spent the $447,000 that investors had given him for the purported business on himself. Burd had promised his victims that their money would go toward buying tickets for “high-profile concerts, sporting events, and Broadway shows,” with the profits split between him and them, Acting U.S. Attorney Rachel A. Honig said. Burd “f…

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by Jerry DeMarco
Police & Fire
Feds: Bergen-Based Debt Reliever From Wayne Scams Victims Out Of $5 Million Feds: Bergen-Based Debt Reliever From Wayne Scams Victims Out Of $5 Million
Feds: Bergen-Based Debt Reliever From Wayne Scams Victims Out Of $5 Million The founder of a Saddle Brook lending company promised to help desperate, low-income customers pay off crushing loans, then pushed them even further into debt, pocketing more than $5 million, said federal authorities who arrested him. Edward Espinal, 44, of Wayne advertised his Cash Flow company on YouTube, other social media and Spanish-language TV, sometimes using the Venezuelan telenovela actor Víctor Cámara, U.S. Attorney Craig Carpenito said. Espinal, who was the company’s founder and CEO, ran a couple of scams beginning 3½ years ago and ending with his arrest by federal agents earlie…

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by Jerry DeMarco
Police & Fire
Former Alpine Businessman Gets 19 Months In $5M Investment Scam Former Alpine Businessman Gets 19 Months In $5M Investment Scam
Former Alpine Businessman Gets 19 Months In $5M Investment Scam A former Alpine businessman who scammed investors out of more than $5 million was sentenced to 19 months in federal prison on Tuesday. James Trolice, 64, previously admitted selling investors interests in companies that he and Lee Vaccaro, 46, of Las Vegas, claimed held securities that “gave holders the right to buy common stock at a specific price within a certain time frame,” U.S. Attorney Craig Carpenito said. Trolice at the time was president and owner of Trolice Consulting Services LLC and president and chief marketing officer of eAgency, a California-based company that developed mobil…

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by Jerry DeMarco