Antonio Fasolino—Olive Oil Investment Scam
Antonio Fasolino Allegedly Cold Pressed a Slippery $3.4 Million Olive Oil Investment Scam
Antonio Fasolino, of Jersey City, New Jersey, allegedly pressed investors out of more than $3 million in a dripping olive oil investment scheme, according to federal prosecutors.
Antonio Fasolino claimed that his company held $33 million worth of inventory rich in golden monounsaturated fatty acids, according to reports from New Jersey.
Two retailers who had hoped to help consumers follow their Mediterranean diet were allegedly lured by the aforementioned claims and loaned Fasolino about $3.4 million in 2012, federal prosecutors report.
Fasolino, Rather than Delivering Antioxidants, Allegedly Used the Investor Cash to Grease Payments for a Car, a Mortgage, a Wedding and College Tuition
Investigators allege that Fasolino dipped into investor money to pay for a car, mortgage payments, a wedding and college tuition, according to federal prosecutors.
Fasolino has been released on $250,000 unsecured bond and ordered not to break bread with or have any contact with victims or witnesses, according to reports from the Garden State.
Fasolino has previously been convicted three times on fraud charges, and the new charge carries a potential 20-year prison sentence, prosecutors report.
The Peiffer Wolf Securities Lawyers Often Assist Investors
The Peiffer Wolf securities lawyers assist investors who lose money as a result of investment schemes. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment schemes are encouraged to contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 504-523-2434.