Thomas Corsaro, Wire Fraud, New York 2023

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Thomas Corsaro Pleads Guilty to Wire Fraud, Rochester NY, 2023

A 59-year-old Ontario County man has admitted to bilking investors out of hundreds of thousands of dollars in a scheme that spanned nearly two years.

Thomas Corsaro, of Bloomfield, pleaded guilty to wire fraud before Chief U.S. District Judge Elizabeth A. Wolford. The charge carries a maximum penalty of 20 years in prison and a fine of $250,000.

Between November 2020, and November 2022, Corsaro, acting as an investment adviser, executed a scheme to defraud eight individual investors who invested funds with him. Rather than invest the funds, as he represented he would do, Corsaro used the funds for his own personal use, depositing the funds into personal and business bank accounts.

In total, Corsaro received $1,712,469.32 from the eight investors. He repaid $265,642.83 prior to the criminal investigation.

The plea is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.

Sentencing is scheduled for December 6, 2023, at 2:00 p.m. before Judge Wolford. Assistant U.S. Attorney Richard A. Resnick, who is handling the case, stated that Corsaro’s actions have serious consequences for those who trusted him with their hard-earned money.

The case serves as a warning to those who would seek to exploit vulnerable individuals through deceit and fraud. We urge anyone who may have fallen victim to Corsaro’s scheme to come forward and seek assistance.

The investigation into Corsaro’s activities is ongoing, and anyone with information is encouraged to contact the FBI.