Gino Accettola, Ponzi Scheme, Michigan 2022

DETROIT, Michigan – A 55-year-old former resident of Macomb County, Gino Accettola, has been sentenced to over 11 years in federal prison for defrauding 17 people of over $4 million in an investment fraud scheme, United States Attorney Dawn N. Ison announced.

Joining in the announcement was James A. Tarasca, Special Agent in Charge of the Federal Bureau of Investigation, Detroit Division.

U.S. District Judge Laurie J. Michelson sentenced Gino Accettola to 135 months in prison following his April 2022 guilty plea to wire fraud charges and ordered that Accettola pay restitution to his 17 victims in the amount of $4,199,846.35.

According to court records, from 2014 to 2016, Accettola solicited investments from associates and friends of friends. Accettola offered investors abnormally high short-term returns. Accettola told investors that the money they invested with him was in support of various commercial construction projects in Michigan and Florida. Many of the commercial construction projects that Accettola described to investors did not exist.

In reality, Accettola had no connection to the company nor was he friends with the managing partner. In order to perpetuate his fraud, Accettola provided investors with fraudulent emails, contracts, payout schedules and other information purportedly from the company, the managing partner or other company employees.

This is not the first time Gino Accettola has engaged in fraudulent activities. He had a long history of cheating and deceiving people, having previously been convicted of 16 fraud crimes between 1991 and 2019.

“This defendant lied to his victims in order to carry out his fraud. He told his victims that he was investing their money for legitimate construction projects when in reality he used their money on himself at casinos, restaurants, and on entertainment,” stated U.S. Attorney Ison. “Today’s sentencing should send a clear message that we will hold accountable all those who take advantage of others for personal gain.”

Sentencing Date: [No specific date given, but occurred in 2022] Location: Detroit, Michigan.

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