Wall Man Admits Fleecing Seniors For More Than $500K: Prosecutor

TOMS RIVER, NJ — A Wall Township man whose office was in Holiday City has pleaded guilty to convincing senior citizens to give him money on the premise of investing it for them that he then spent on himself, Ocean County Prosecutor Joseph Coronato announced Thursday.

Peter Martorana, 62, of Wall, pleaded guilty on Wednesday to to one count of financial facilitation of criminal activity in excess of $500,000, a first-degree crime, said Al Della Fave, spokesman for the prosecutor's office.

Martorana served as an investment/financial adviser, operating Retirement Benefit Specialist on Jamaica Boulevard in Holiday City, a senior community in Berkeley Township, Della Fave said.

He was arrested in July 2013, and investigators found that from December 2006 to August 2013, Martorana had various elderly victims write checks to himself and to his business under the guise that he would invest their monies. He never invested the monies, but instead used them for his own benefit, prosecutors said.

The victims were primarily in their 70s, 80s and 90s, Della Fave said.

“Ocean County has a senior population that is particularly vulnerable to fraudsters like Martorana," Coronato said. "This should send a message to others of his ilk that such behavior will not be tolerated. Anyone entrusting their money to a financial adviser should be sure they are reputable and properly licensed.”

The matter was investigated by Detective James Conroy of the Economic Crimes Unit of the prosecutor's office, with assistance from Lt. Vincent Petrecca of the prosecutor's office.

The state has recommended that Martorana be sentenced to 10 years in prison with four years of parole ineligibility, Della Fave said. Sentencing is scheduled for July 7, 2017.

Photo via Ocean County Prosecutor's Office; background image via Shutterstock