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A Morris County, N.J., man has been sentenced to 44 months in prison for defrauding investors out of $500,000 through a phony investment scheme. According to U.S. Attorney Paul Fishman, Peter Lareau, 78, of Mountain Lakes, N.J., previously pleaded guilty before U.S. District Judge Esther Salas to an information charging him with one count of wire fraud.
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Lareau created numerous entities, including T4Teens LLC and Concordia Mediaworks LLC, for the purpose of soliciting investors. He recruited investors through civic, religious and charitable organizations, as well as through alumni events at prestigious education institutions. Lareau promised investors greater-than-market returns and falsely represented that their funds would be used for educational television programming for teenage audiences.
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In reality, Lareau used the funds for personal expenses, including groceries, tuition payments for his child, rent payments, and club memberships. He sent investors prospectuses and other information related to investment opportunities by email and then directed them to wire funds from brokerage accounts in New York to his business accounts in New Jersey.
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The investigation leading to Lareau’s sentencing was conducted by special agents from the FBI, under the direction of Special Agent in Charge Richard M. Frankel in Newark. U.S. Attorney Lorraine S. Gerson of the Economic Crimes Unit in Newark represented the government in this case. Defense counsel was K. Anthony Thomas Esq., Assistant Federal Public Defender, Newark.
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In addition to the prison term, Judge Salas sentenced Lareau to one year of supervised release and ordered him to pay restitution of $533,000. This case highlights the importance of due diligence when investing in unregulated schemes, and the consequences of falling victim to such scams.
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As a warning to potential investors, U.S. Attorney Fishman emphasized the need for vigilance when dealing with unsolicited investment opportunities. He urged individuals to thoroughly research any investment before sending funds and to report any suspicious activity to law enforcement.
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Related Federal Cases
- Marc Henry Menard, Investment Fraud Scheme, Mineola NY, 2023 · Florida
- Terry Wayne Millender, Church Investment Scheme Scam, Alexandria VA… · New York
- Alin Carabus, ATM Skimming Scheme, New Jersey 2024 · Florida
- Lokhandwala Sentenced to 46 Months for Bribe Scheme, New York NY, 2023 · New Jersey
- Letitia James, Predatory Lending Scheme, New York NY, 2023 · New Jersey
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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