A Brooklyn man has been brought to justice for swindling elderly investors 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.
According to court filings, Cucinella falsely represented to investors that their funds would be used to invest in pre-initial public offering shares of private companies.
The scheme, which lasted from March 2015 to April 2018, saw Cucinella transfer over $400,000 from the Mackrow account to bank accounts he controlled.
He spent the money on himself, purchasing a Mercedes-Benz and making credit card payments.
More than 80 individuals invested approximately $778,000 with Mackrow, but received only $80,818 in return.
Cucinella, 41, of Brooklyn, agreed to forfeit $948,530 that he misappropriated from investors as part of his plea deal.
The case is being handled by the Office’s Business and Securities Fraud Section.
Assistant United States Attorney David Gopstein is 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.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News