A Brooklyn man has pleaded guilty to an investment scheme that swindled elderly victims out of thousands of dollars.
John Cucinella, the former investment manager of Mackrow Asset Management Group, pleaded guilty to securities fraud in federal court in Brooklyn.
As part of his plea, Cucinella agreed to forfeit $948,530 that he misappropriated from investors.
Cucinella, 41, of Brooklyn, represented himself to investors as a ‘financial concierge’ but instead swindled them out of thousands of dollars, spending the money on himself.
Between March 2015 and April 2018, Cucinella falsely represented to Mackrow investors that their funds would be used to invest in pre-initial public offering shares of private companies.
More than 80 individuals invested approximately $778,000 with Mackrow, but received only $80,818 in return.
The case is being handled by the Office’s Business and Securities Fraud Section, with Assistant United States Attorney David Gopstein in charge of the prosecution.
Richard P. Donoghue, United States Attorney for the Eastern District of New York, and William F. Sweeney, Jr., Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office, announced the guilty plea.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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