Authorities arrested a Glen Rock, New York resident on March 7th and charged him for his contributions in an investment fraud scheme that defrauded 15 different victims out of over $5 million. Also arrested was an alleged co-conspirator who was also involved in the phony real-estate investment deals, including schemes involving an Atlantic City casino and pizzeria in the Bahamas.
Paul Mancusco, 46, was charged with conspiracy to commit wire fraud and made an initial court appearance in a United States District Court in Newark before Judge Madeline Cox Arleo. Also charged with the same allegation was Pasquale Stisco, 52, of West Harrison, NY. From 2009 to the present,
Mancuso represented himself to potential investors as a real estate investor, broker, and developer. He also “held himself out” to be a “hard-money lender”, a lender of last resort who typically makes loans based on real estate collateral for a high interest rate.
Federal prosecutors say Stiso, a disbarred attorney, portrayed himself to investors as working with Mancuso on projects that either did not exists, or that the pair had no involvement in. Among the projects they touted to investors was a pizzeria in the Bahamas, the development of a casino in Atlantic City, and a Florida real estate development. However, Mancuso and Stiso had no involvement with any such projects.
United States Attorney Paul Fishman said in a statement: “Many of Mancuso’s victims have lost all or substantially all, of their live savings in his various schemes to defraud.
The two men could be sentenced with a maximum penalty of 20 years in prison and face a fine of $250,000, or twice the gross pain or loss from their crimes, whichever is the greatest. Stiso was released on bail and Mancuso was ordered detained, pending a bail hearing on March 8th.
If you find yourself facing federal fraud charges, it is important to find an experienced wire fraud attorney to represent you. The white collar criminal attorneys of Parkman & White, LLC have a history of success in the court room and are ready to represent clients nationwide.
