JOY OF SHARING: Drop Off Locations I Online Donation I Donate by texting JOY to 41444 I #JoyOfSharing

Local

NJ Businessman Who Committed Investment Fraud Gets 11 Years In Prison

CAMDEN, N.J. (AP) — A New Jersey businessman who used false claims to bilk investors out of $1.6 million has been sentenced to 11 years in federal prison.

Forty-two-year-old Robert Sucarato of Holmdel also must pay restitution under the sentence imposed Friday.

Prosecutors say Sucarato lied about his credentials and that of his business, a capital management and financial consulting firm known as New York Financial Company.

Those lies included that his two hedge funds had been operating since 1993, that they had $7.2 billion in assets and that they had outperformed the market by a wide margin over a 10-year period.

Prosecutors say he used investors’ money for personal expenses.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Content On CBSPhilly

Follow

Get every new post delivered to your Inbox.

Join 34,907 other followers