Ponzi Plan Fraudster Sentenced to 11 Years in Penal advanced for Embezzling Over $4 Million

Ponzi Plan Fraudster Sentenced to 11 Years in Penal advanced for Embezzling Over $4 Million

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DETROIT – A  55-year-historic former resident of Macomb County became sentenced yesterday to over 11 years in federal penal advanced for defrauding seventeen americans of over $4 million in an investment fraud blueprint, United States Felony professional Rupture of day N. Ison announced.

Joining in the announcement became James A. Tarasca, Special Agent in Cost of the Federal Bureau of Investigation, Detroit Division.

U.S. District Mediate Laurie J. Michelson sentenced Gino Accettola to 135 months in penal advanced following his April 2022 guilty plea to wire fraud prices and ordered that Accettola pay restitution to his seventeen victims in the quantity of $4,199,846.35.

Per court records, from 2014 to 2016, Accettola solicited investments from buddies and friends of friends. Accettola supplied investors abnormally excessive non permanent returns. Accettola urged investors that the money they invested with him became in make stronger of various commercial development projects in Michigan and Florida. Many of the commercial development projects that Accettola described to investors did no longer exist.  Specifically, Accettola solicited investments in make stronger of purported work for a Michigan primarily based manufacturing facility and claimed to be friends with the managing accomplice of the company.  In actual fact, Accettola had no connection to company nor became he friends with the managing accomplice.  In say to perpetuate his fraud, Accettola equipped investors with false emails, contracts, payout schedules and other info purportedly from the company, the managing accomplice or other company workers.  Between 2014 and November 2016, Accettola defrauded investors of roughly $4,199,846.35. Accettola had a protracted historical past of dishonest and deceiving americans, having beforehand been convicted of sixteen fraud crimes between 1991 and 2019.

“This defendant lied to his victims in say to attain his fraud.  He urged his victims that he became investing their money for legit development projects when of course he feeble their money on himself at casinos, restaurants, and on leisure,” acknowledged U.S. Felony professional Ison.  “This day’s sentencing would possibly possibly well furthermore peaceful send a definite message that we are going to retain responsible all americans that make essentially the most of others for personal attain.”

Special Agent Tarasca acknowledged, “Criminals fancy this employ every strategy of deceit readily available to extra their selfish targets, and investors desire to exercise sizable warning so as no longer to turn out to be victimized.”

The case became investigated by the FBI and prosecuted by Assistant United States Felony professional Sara Woodward.

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