A man who previously lived in Alpine New Jersey is going to be spending some time in federal prison after pleading guilty to fraud crime charges.
The suspect is a 63-year-old male who used to live in Alpine NJ before he moved to Fairfield, Connecticut. He was placed under arrest last year after federal authorities concluded their investigation into his alleged criminal activity. Prosecutors said that the suspect defrauded a number of investors out of several million dollars.
The suspect committed the fraud offenses while serving as the president and owner of a pair of businesses: a consulting service and a company specializing in mobile security. The suspect reportedly talked his investors into giving money to the companies by fraudulently claiming to have the backing of a third company.
The suspect is believed to have stolen more than $5 million, which he could be required to pay restitution on.
The suspect was initially charged with securities fraud, transacting in criminal proceeds, and other fraud crimes. He later got federal prosecutors to drop most of the charges by agreeing to plead guilty to the securities fraud charges.
The suspect will have to appear in US District Court in July so that he can be formally sentenced. Depending on the outcome of the sentencing hearing, the suspect could be ordered to serve as many as 30 years behind bars.
For more information about this case, see the NJ.com article, “Former Alpine Man Scammed Investors and Now He’s Going to Jail.”