Brooklyn’s Gonzalo Ortiz was handed a 30-month prison sentence yesterday in federal court for duping an investor out of nearly $600,000. The 49-year-old Hackensack, New Jersey resident pleaded guilty to investment advisor fraud in November 2021.
United States District Judge William F. Kuntz II also ordered Ortiz to pay $224,500 in restitution to the victim and imposed two years of supervised release following his custodial sentence. The Eastern District of New York’s Breon Peace announced the sentence, thanking the FBI and SEC for their cooperation.
Between April 2015 and May 2017, Ortiz posed as a successful stock trader, convincing the victim to invest in stocks he claimed were profitable. Ortiz falsely told the victim that his investments were yielding profits, even sending fraudulent account statements. In reality, Ortiz was making poor trading decisions, stealing from the victim for personal expenses, and losing their money.
Ortiz controlled nearly $600,000 of the victim’s money, siphoning off approximately $224,500 for himself. The remaining funds were lost in unprofitable trades, leaving the victim severely financially受损. Assistant United States Attorneys Alixandra Smith and Andrew D. Grubin handled the prosecution.
The case was handled by the Office’s Business and Securities Fraud Section.
Defendant: Gonzalo Ortiz
Age: 49
City: Hackensack, New Jersey
E.D.N.Y. Docket No. 19-CR-161 (WFK)
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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