Glen Rock Man Sentenced To 4+ Years For Fraud Scheme

GLEN ROCK, N.J. — A borough man was sentenced Wednesday to 51 months in prison for conspiring to defraud 15 victims out of more than $3 million, U.S. Attorney Paul J. Fishman announced.

Paul Mancuso, 50, previously pleaded guilty in Newark federal court to conspiracy to commit wire fraud. U.S. District Judge William J. Martini imposed the sentence on Mancuso.

Mancuso and Pasquale Stiso, 52, New York, fraudulently obtained financing for projects that did not exist or in which they had no actual involvement, Fishman previously said. Mancuso posed as a real estate investor, broker, lender, and developer of other investments.

Some of the purported projects touted by Mancuso, Stiso, and other conspirators included investments in a phony ticket scam, the development of a pizzeria at a resort in the Bahamas, a casino in Atlantic City, a commercial shopping center, and the flipping of a piece of real estate in Matawan, Fishman previously said.

Victims lost all of their investments or life savings in Mancuso’s schemes, authorities said. Instead of funding the purported projects, Mancuso and Stiso used the money for personal expenses and financing their involvement in illegal gambling pursuits.

In addition to the prison term, Martini sentenced Mancuso to three years of supervised release and ordered him to pay more than $3.2 million in restitution.

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Related: Glen Rock Man Indicted For Real Estate Investment Fraud Scheme

Photo: Paul Mancuso, 50 — Courtesy of U.S. Attorney's Office