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Nicholas Rizzo, 54, of Marlton, New Jersey, Admits to $1 Million Elderly Investment Fraud Scheme
A New Jersey man has admitted to a scheme to defraud elderly and other victims out of more than $1 million that he told the victims he would invest on their behalf or otherwise use for their benefit.
According to the Department of Justice, USAO for the Northern District of Alabama, Nicholas Rizzo, 54, of Marlton, New Jersey, pleaded guilty to one count of wire fraud in federal court in Birmingham, Alabama.
Between 2018 and 2022, Rizzo told his victims that he would invest their money in various schemes, including real estate and cryptocurrency, but instead used the funds for his own personal benefit.
As part of his plea agreement, Rizzo agreed to pay restitution of $1,003,000 to the victims of his scheme.
Rizzo faces a maximum penalty of 20 years in prison and a fine of up to $250,000.
The case was investigated by the Federal Bureau of Investigation (FBI) and the IRS-Criminal Investigation (IRS-CI), with assistance from the New Jersey State Police.
The case was prosecuted by Assistant U.S. Attorney Patrick R. Carney of the Northern District of Alabama.
Nicholas Rizzo is scheduled to be sentenced on May 15, 2024, before U.S. District Judge Karon Bowdre in the Northern District of Alabama.
The guilty plea and sentencing are the result of an investigation that highlights the growing threat of investment fraud schemes targeting vulnerable populations, including the elderly.
The case serves as a reminder to the public to be cautious of unsolicited investment opportunities and to thoroughly research any investment before parting with their hard-earned money.
Key Facts
- State: Alabama
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂÂ
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