Patrick Morgan Schiro, Wire Fraud, New York 2017

Long Island Portfolio Manager Pleads Guilty to Stealing $440,000 from Clients

A high-stakes financial scandal unfolded in Brooklyn Federal Court today, as Patrick Morgan Schiro, a 45-year-old Rockville Centre resident and founder of Black Rock Morgan LLC, pleaded guilty to wire fraud for bilking five investors out of approximately $440,000.

The scheme, which spanned from July 2014 to October 2015, saw Schiro use a web of deceit and false promises to convince the victims to invest with his company. At the peak of the scam, Schiro claimed to have millions of dollars in assets under management and a team of seasoned investment professionals at his disposal.

However, in reality, Schiro was using a significant portion of the funds for his own personal expenses, including a whopping $190,000 to pay for his child’s university tuition. When investors began to ask for their money back, Schiro either ignored their requests or provided flimsy excuses, including falsely claiming that the requested withdrawals were subject to anti-money laundering policies.

The case against Schiro was brought by the U.S. Attorney’s Office for the Eastern District of New York, with Assistant U.S. Attorney David K. Kessler leading the prosecution. The guilty plea was announced by Bridget M. Rohde, Acting U.S. Attorney for the Eastern District of New York, and William F. Sweeney, Jr., Assistant Director-in-Charge of the FBI’s New York Field Office.

As part of his plea agreement, Schiro has agreed to make restitution to the victims, with the amount to be determined by the court. Sentencing is set for August 2, 2017, and Schiro faces up to 20 years in prison, as well as restitution, criminal forfeiture, and a fine.

The case serves as a stark reminder of the dangers of unchecked power and the importance of vigilant oversight in the financial sector. As the investigation into Schiro’s activities continues, it is clear that the consequences of his actions will be severe and far-reaching.

The defendant, Patrick Morgan Schiro, will be sentenced on August 2, 2017, and faces up to 20 years in prison, as well as restitution, criminal forfeiture, and a fine. The case is being handled by the U.S. Attorney’s Office for the Eastern District of New York, with Assistant U.S. Attorney David K. Kessler leading the prosecution.

The guilty plea was announced by Bridget M. Rohde, Acting U.S. Attorney for the Eastern District of New York, and William F. Sweeney, Jr., Assistant Director-in-Charge of the FBI’s New York Field Office.

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