Newark, N.J. – The grim tale of Middletown’s Vincent P. Falci, a former fire chief turned investment manager, came to an end as he was sentenced today to 180 months in federal prison for masterminding a Ponzi scheme that swindled over $10 million from unsuspecting investors.
Falci, 59, of Middletown, New Jersey, was found guilty on December 13, 2018, on four counts of wire fraud and securities fraud after a two-week trial before U.S. District Judge Anne E. Thompson.
The superseding indictment against Falci detailed his sordid scheme under the guise of “Saber Funds” and “Vicor Tax Receivables LLP.” Starting in the early 2000s, Falci lured friends, family, and first responders into investing in funds he claimed were conservatively invested in tax liens for high returns with minimal risk. However, his real agenda was to divert investor money to himself, his family, and other ventures.
Victims included financial professionals who were targeted by the Vicor Fund, where Falci raised an additional $20 million. Despite repeated promises of success, he was depleting these funds through theft and reporting虚假的投资收益. His theft between 2012 and 2016 exceeded $10 million, all while concealing his fraud with fake companies and forged documents.
In addition to the harsh prison sentence, Falci was also ordered by Judge Thompson to serve three years of supervised release following his release from prison, and to pay restitution and forfeiture amounts to be determined later. The investigation leading to this conviction was spearheaded by inspectors of the U.S. Postal Inspection Service, with assistance from the N.J. Bureau of Securities in the State Attorney General’s Office.
The government’s case was presented by Assistant U.S. Attorney Justin Herring, Chief of the Cybercrimes Unit of the U.S. Attorney’s Office in Newark.
Related Federal Cases
- Middletown NJ Investment Manager Charged in $5.3M Ponzi Scheme · New Jersey
- Lissette Delarosa Gets 1 Year for Watch Theft Scheme · New Jersey
- Andrew Webster Sentenced in Historic Diner Fire Scheme · New Jersey
- Michael Esposito Charged in $1M Wire Fraud Scheme · New Jersey
- CPA Barry Horrow Pleads Guilty to Bank Fraud Scheme · Delaware
Key Facts
- State: New Jersey
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption|White Collar Crime
- Source: Official Source ↗
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