Man Charged With Investment Fraud
Federal authorities arrested a man from Glen Rock and an alleged co-conspirator for defrauding 15 victims of $5 million through a series of phony real estate investments, including schemes involving an Atlantic City casino and a pizzeria in the Bahamas.
Paul Mancuso, 46, was charged with conspiracy to commit wire fraud and made an initial court appearance before U.S. Magistrate Judge Madeline Cox Arleo in U.S. District Court in Newark, prosecutors said.
Also charged with the same allegation was Pasquale Stiso, 52, of West Harrison, N.Y.
Among the projects they touted to investors was a pizzeria in the Bahamas, the development of a casino in Atlantic City on what Mancuso claimed was the last oceanfront property in the city, and a Florida real estate development, prosecutors said. However, Mancuso and Stiso had no involvement with any such projects, prosecutors said.
The two men could face a maximum penalty of 20 years in prison and a fine of $250,000, or twice the gross gain or loss from their crimes, whichever is the greatest.
By Hugh R. Morley
Staff Writer, The Record