New Jersey Attorney Indicted for $5 million Real Estate Scam

Pasquale Stiso, a disbarred New York attorney, was indicted for allegedly engaging in a real estate investment fraud conspiracy that defrauded more than 15 victims of $5 million from 2009 to the present, U.S. Attorney Paul J. Fishman announced today.

Pasquale Stiso, 54, of New Rochelle, New York, is charged by indictment with one count of conspiracy to commit wire fraud, seven substantive counts of wire fraud, and three counts of money laundering. The indictment was returned Oct. 14, 2015, by a federal grand jury sitting in Newark.

Co-defendant Paul Mancuso previously pleaded guilty in federal court to conspiring with Stiso to commit wire fraud.

According to documents filed in this case and statements made in court, Mancuso held himself out as an investor, broker, and developer of various purported investments. Mancuso obtained from his victims substantial investments for various projects that, in fact, either did not exist at all or in which Mancuso had no actual involvement. Stiso held himself out as an individual who was working with Mancuso on various purported projects. Many of the victims of Stiso and Mancuso’s schemes lost all or substantially all of the money they invested with Mancuso and Stiso.

The charge of wire fraud conspiracy and the substantive counts of wire fraud each carry a maximum potential penalty of 20 years in prison and a maximum fine of $250,000 or twice the gross gain or loss associated with the offense, whichever is greatest. Each money laundering count carries a maximum potential penalty of 10 years in prison and a maximum fine of $250,000 or twice the gross gain or loss associated with the offense, whichever is greatest.

U.S. Attorney Fishman credited special agents of the FBI, under the direction of Special Agent in Charge Richard M. Frankel; special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jonathan D. Larsen; and criminal investigators of the U.S. Attorney’s Office with the investigation leading to today’s indictment.

The government is represented by Assistant U.S. Attorneys Francisco J. Navarro and Anthony J. Mahajan of the U.S. Attorney’s Office Criminal Division in Newark.

The charge and allegations in the indictment are merely accusations, and the defendant is considered innocent unless and until proven guilty.

Pasquale Stiso, the disbarred New York attorney, was charged with one count of conspiracy to commit wire fraud, seven substantive counts of wire fraud, and three counts of money laundering. He is being represented by Henry E. Klingeman Esq. of Newark.

MORE FEDERAL CRIME NEWS

White Collar Crime

La O Rojas, Healthcare Fraud, Florida 2012

Jan 15, 2012

White Collar Crime

William Kristopher Wood, Asbestos Violation, Washington 2019

Oct 30, 2019

White Collar Crime

Navarro Gomez, Money Laundering, California 2022

Jan 15, 2022

White Collar Crime

Jaramillo Berrio, Money Laundering, Florida 2012

Jan 15, 2012