Former Springfield Resident Sentenced to 58 Months in Prison

Carlo Chiaese, a former Springfield resident and financial advisor who stole millions of dollars from his clients, has been sentenced to just under five years in prison.

Chiaese, who maintained a Westfield investment advisement office, was sentenced today to 58 months in prison for defrauding investors, including a union pension fund, of more than $2.4 million. While he told his clients the money was safe in conservative securities, he was actually using the money to finance lavish personal expenses, including a residence at high end Springfield development Skyline Ridge.  

Last March, Chiaese  Judge William J. Martini at federal Court in Newark.  Judge Martini also imposed the sentence today. Chiaese was released on a $750,000 bond. Provisions of his bail included participating in a drug treatment program and to avoid working in finance.

Chiaese, 38, operated CGC Advisors, LLC, which the federal complaint said is located in Westfield, from 1999 to 2010. Chiaese listed his residence as Springfield when he pled guilty, but has since moved to Livingston. 

The U.S. attorney's office said that a pension fund for 850 New York City public sector union employees invested $1.71 million with Chiaese.