WNY Man Sentenced to 48 Months for Defrauding Investors

Stock Image.

(WNY News Now) – U.S. Attorney Trini E. Ross announced that a of Bloomfield, NY, man who was convicted of wire fraud, was sentenced to serve 48 months in prison by Chief U.S. District Judge Elizabeth A. Wolford. 

ROCHESTER, N.Y. – ssistant U.S. Attorney Richard A. Resnick, who handled the case, stated that 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 sentencing is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.





Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.