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Investment Fraud

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Hudson Valley Entrepreneur Accused Of Defrauding Investors Of Nearly $1 Million Hudson Valley Entrepreneur Accused Of Defrauding Investors Of Nearly $1 Million
Hudson Valley Entrepreneur Accused Of Defrauding Investors Of Nearly $1 Million An entrepreneur from the Hudson Valley has been accused by federal authorities of defrauding investors of nearly $1 million. Audrey Strauss, the United States Attorney for the Southern District of New York, and William F. Sweeney Jr., the Assistant Director-in-Charge of the New York Field Office of the FBI announced that Joseph Cimino, the founder of an Orange County-based tequila company, was arrested Tuesday morning, Feb. 17, and charged with securities fraud and wire fraud arising out of his fraudulent solicitation of investments for the company.  Cimino is scheduled to appear in Wh…

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by Joe Lombardi
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Owner, CEO Of Manhattan Investment Fund Among Trio Indicted For $1.8B Ponzi-Like Scheme Owner, CEO Of Manhattan Investment Fund Among Trio Indicted For $1.8B Ponzi-Like Scheme
Owner, CEO Of Manhattan Investment Fund Among Trio Indicted For $1.8B Ponzi-Like Scheme A man who was the head of a Manhattan investment fund was arrested on Thursday and is facing securities fraud charges for his role in an alleged $1.8 billion Ponzi-like scheme that saw his company paying clients with their own money.  Long Island resident David Gentile, age 54, of Manhasset, the founder, owner, and CEO of GPB Capital Holdings, was charged with two others for scheming to defraud investors by misrepresenting the source of funds used to make monthly distribution payments to them, federal officials said. Specifically, the three were charged with securities and wire fraud, …

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by Zak Failla
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NY Man Admits To Running $200M Ponzi Scheme In Region NY Man Admits To Running $200M Ponzi Scheme In Region
NY Man Admits To Running $200M Ponzi Scheme In Region A 53-year-old man has admitted to running a $200 million Ponzi scheme in New York based on false statements to investors about inflated returns for nonexistent wholesale jewelry deals, federal authorities announced on Wednesday, Dec. 30. Long Island resident Gregory Altieri, 53, pleaded guilty to wire fraud for running the scheme.  As part of the plea, Altieri, of Melville in Suffolk County, also admitted to committing securities fraud in connection with the scheme.  When sentenced, Altieri faces up to 20 years in prison.  “With today’s guilty plea, Altieri is hel…

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by Joe Lombardi
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Westchester Consulting Firm Owner Sentenced For Defrauding Investors Westchester Consulting Firm Owner Sentenced For Defrauding Investors
Westchester Consulting Firm Owner Sentenced For Defrauding Investors The owner of a consulting firm in Westchester is heading back to prison for more than four years after admitting to defrauding investors out of nearly a million dollars. Somers resident Douglas Castle, who already served time in prison for bilking investors in 2003, has been sentenced to 50 months behind bars after pleading guilty to wire fraud on July 26 in White Plains federal court. On June 25, 2003, Castle was sentenced in federal court to 34 months in prison and three years of supervised release for his conviction on an investment fraud scheme that caused investor losses of over $1.2 m…

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by Zak Failla
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Hudson Valley Accountant Sentenced, Ordered To Pay $600K Hudson Valley Accountant Sentenced, Ordered To Pay $600K
Hudson Valley Accountant Sentenced, Ordered To Pay $600K A Rockland County accountant admitted in White Plains federal court to his role in a multi-million dollar deception scheme is heading to prison and must pay $600,000 in restitution to his victims. Mitchell Klein, 62, has been sentenced to three years in federal prison and must pay the restitution for not reporting a theft from his real estate company, which was connected to the scheme involving his investors, family and friends. In total, more than 100 clients lost investments with Klein and his former business partners, who in total lost more than $60 million in real estate projects and ve…

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by Zak Failla
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Two From Westchester Among Four Charged With 'Cooking Books' For Hedge Fund Two From Westchester Among Four Charged With 'Cooking Books' For Hedge Fund
Two From Westchester Among Four Charged With 'Cooking Books' For Hedge Fund A pair of Westchester residents were among those charged in federal court to their roles in an alleged securities scam that saw them overstate their investment firm’s worth by hundreds of millions of dollars to bilk investors. U.S. Attorney Audrey Strauss announced on Wednesday that White Plains resident Ashish Dole, 34, and Armonk resident Amin Majidi, 52, have been involved in an elaborate scheme that saw them mismark funds they managed by more than $200 million. According to Strauss, Majidi, Dole and New York City residents Jeremy Shor and Frank Dinucci, Jr. from 2014 through 2016, they …

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by Zak Failla
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Investors Seek $17M From Westchester Developer In Fraud Suit Investors Seek $17M From Westchester Developer In Fraud Suit
Investors Seek $17M From Westchester Developer In Fraud Suit More investors from Westchester and Connecticut are demanding at least $17 million in damages and a court order stopping White Plains developer Michael D’Alessio and Michael Paul Enterprises from selling or transferring properties. They claim he misappropriated their funds on housing projects in Scarsdale and Manhattan. D’Alessio and his enterprises carried out a massive scheme to defraud them, investors allege in three lawsuits filed in Westchester Supreme and County Court. The Westchester Bank also sued, demanding $881,000 on a $1 million loan D’Alessio took out in 2015, according to new…

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by Jon Craig
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Area Man, 49, Sentenced For $6M Ponzi Scheme Area Man, 49, Sentenced For $6M Ponzi Scheme
Area Man, 49, Sentenced For $6M Ponzi Scheme A 49-year-old Wilton man was sentenced to more than three years in prison Tuesday for using hedge-fund money for his own personal use as part of a $6 million-plus Ponzi scheme. Steven Simmons was sentenced to 37 months in prison by U.S. District Judge Kimba M. Wood. Simmons, who solicited over $6 million in investments for a hedge fund, misappropriated nearly $2 million of these funds for his own use and that of a co-conspirator, said Geoffrey Berman, the United States Attorney for the Southern District of New York. Other investor funds solicited by Simmons were used by the owner of the He…

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by Joe Lombardi