Man Gets 14-Year Prison Sentence For Defrauding Financial Clients, Including Brick Victim

MIDDLETOWN, NJ — A Middletown man who passed himself off as a financial consultant was sentenced to 14 years in state prison Monday after admitting he deceived and or inpersonated at least 18 clients, including one in Brick Township.

As a part of his various schemes, Christopher D. Biello, 43, of Coe Place in Middletown, obtained numerous credit cards in his victims’ names, engaged in fraudulent loan attempts using the victims’ identities and forged documents, said Monmouth County Prosecutor Christopher J. Gramiccioni.

Biello, who also used the alias Christopher Sherman, was arrested and charged earlier in 2016 following a year-long investigation. He operated Biello Consulting Group out of Red Bank, where he offered to assist his victims with the refinancing of homes, prosecutors said. He presented himself as a trustworthy financial consultant, and approached people down on their luck, in dire financial straits, offering to help.

In one instance, Biello offered to engage in a short sale on a property in Brick Township. He provided the victim with a fraudulent document in an attempt to deceive him, prosecutors said.

Law enforcement started investigating him after he offered to help a Keansburg man with refinancing. Instead, he obtained numerous credit cards in the man’s name and then tried to take out loans in his name, prosecutors said.

There were other instances of him taking out credit cards or loans in other people's names, prosecutors said. In total, Biello admitted he bilked at least 18 victims with his schemes.

As part of his prison term, he has a 5-year period of parole ineligibility and was also ordered to pay a total of $409,331 in restitution to his victims.

In June, Biello pleaded guilty before Judge Oxley to one count of second degree theft by deception, seven counts of third degree theft by deception, three counts of third degree impersonation, four counts of third degree bad checks, two counts of third degree theft, one count of fourth degree forgery, one count of third degree theft of services, and one count of third degree fraudulent use of credit card.

Biello was represented by Alton D. Kenney, Esq., of Toms River.