Antonio Fasolino Indicted in $3.5M Olive Oil Fraud Scheme

A Jersey City, New Jersey, man is facing federal charges after allegedly pocketing $3.5 million from two investors in a brazen olive oil contract scam. Antonio Fasolino, 60, was indicted on three counts of wire fraud and one count of transacting in criminal proceeds, accused of fabricating lucrative deals with major retailers to lure victims into funding his failing food business empire.

Fasolino, who owned multiple companies claiming to manufacture and distribute pasta, tomato sauce, and olive oil, allegedly used the fraudulently obtained funds for lavish personal expenses. According to the indictment, no contracts with major retailers ever existed. Instead, Fasolino funneled investor money toward car and mortgage payments, apartment rentals, a wedding, college tuition, and credit card bills — all while maintaining the illusion of a booming export operation.

The scheme dates back to 2012, when Fasolino first began soliciting investments based on false claims of secured distribution deals. The indictment unsealed in Newark reveals that the promises of high returns from olive oil sales were nothing more than smoke and mirrors. The $3.5 million disappeared into a web of personal expenditures, leaving investors with nothing and federal prosecutors with a textbook case of financial deception.

Each count of wire fraud carries a maximum penalty of 20 years in prison. The charge of transacting in criminal proceeds adds up to 10 additional years. Every count also exposes Fasolino to fines of $250,000 or double the gross gain or loss from the offense — a financial noose tightening with every allegation.

The FBI and IRS-Criminal Investigation led the probe, with U.S. Attorney Paul J. Fishman crediting Special Agent in Charge Timothy Gallagher and Special Agent in Charge Jonathan D. Larsen for their relentless work. Prosecution is being handled by Assistant U.S. Attorneys Lakshmi Herman and Zach Intrater of the Economic Crimes Unit, along with Sarah Devlin from the Asset Forfeiture and Money Laundering Unit.

Fasolino is represented by Alan Silber Esq. of Roseland, New Jersey. As with all federal cases, the defendant is presumed innocent until proven guilty. The indictment marks the latest blow in a years-long investigation that began with a criminal complaint in June 2016. The court will determine whether Fasolino’s empire was built on olive oil — or outright lies.