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Re: Feds charge Antonio R. Fasolino, 59, of Jersey City with running $3.4M olive oil scam
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Jersey City man indicted in alleged $3.5M olive-oil scamBy NEWARK -- A 60-year-old maker and distributor of Italian food products was indicted Monday for allegedly lying to investors about contracts he was awarded, U.S. Attorney for New Jersey Paul Fishman said. Antonio Fasolino of Jersey City was charged in June after authorities said he obtained $3.5 million from the two investors by falsely claiming that his companies had contracts to sell olive oil to major retailers. Fasolino had no such contracts and instead spent the money on car and mortgage payments, a wedding, an apartment rental and credit card bills, authorities allege. http://www.nj.com/hudson/index.ssf/20 ... lleged_35m_olive-oil.html
Posted on: 2016/12/20 6:23
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Feds charge Antonio R. Fasolino, 59, of Jersey City with running $3.4M olive oil scam
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Feds charge Jersey City man with running $3.4M olive oil investment scam
BY PETER J. SAMPSON STAFF WRITER | THE RECORD FBI agents on Tuesday arrested the owner of a group of Hudson County-based food companies for allegedly bilking $3.4 million from investors by claiming he had contracts to sell olive oil to retailers. Antonio R. Fasolino, 59, of Jersey City was charged in a federal complaint with wire fraud and accused of diverting investor funds for his own benefit for such things as car and mortgage payments, apartment rentals, a wedding, college tuition, credit card payments and securities trades. Wearing a red tank top and white shorts, Fasolino was brought shackled before U.S. Magistrate Judge Mark Falk in Newark. The judge advised him of his rights and set bail at $250,000. Noting that Fasolino was convicted three times for bank and mail fraud in the 1990s, Assistant U.S. Attorney Zach Intrater told the judge that if he is convicted of the latest wire fraud charge it will ?complete a trifecta of fraud in New Jersey.? According to the complaint, Fasolino was the primary shareholder of four companies located in Bayonne ? Fasolino Foods Co., Fasolino Enterprises, Fasolino Wine & Spirits and Fasolino Foods USA ? that were purportedly involved in the manufacture, sale and distribution of olive oil, pasta, tomato sauce and other food products. Between January and November 2012, he allegedly engaged in a scheme to fraudulently obtain more than $3.4 million from two victims ? a Kansas funding company and an individual investor from Florida -- by falsely representing that his businesses had secured lucrative contracts to sell olive oil to retailers headquartered in the states of Washington and Massachusetts, the complaint said. Fasolino falsely represented that his companies had about $33 million in inventory and nearly $5 million in the bank, and used doctored bank statements and tax records to support his claims, the complaint said. He allegedly told investors their loans would finance part of the acquisition of olive oil to fulfill anticipated orders from the retailers, but in fact none of his companies had contracts with the retailers, the complaint said. In 1990, the pasta and olive oil importer was honored by North Bergen which named a block-long section of 43rd Street Fasolino Plaza in recognition of his moving into an empty factory and bringing 125 jobs, a valued tax ratable, and gifts, including a scoreboard for a Little League field. Three years later, with the business shuttered and Fasolino facing federal bank fraud charges, the name change was rescinded. If convicted of wire fraud, Fasolino could face up to 20 years in prison. Email: sampson@northjersey.com http://www.northjersey.com/news/feds- ... investment-scam-1.1611933
Posted on: 2016/6/7 23:14
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