Ex-LI Liquor Distributor Who Defrauded Investors Gets Prison Time

CENTRAL ISLIP, NY — A former Long Island liquor distributor who stole more than $500,000 from investors was sentenced to prison on Friday in Central Islip's federal court, the United States Department of Justice announced.

Joseph Falcone, 60, of Rockledge, Florida, who once made an appearance on television show "Shark Tank," used to run a wine and liquor distribution business known as 3G’S VINO LLC, in Bethpage and Farmingdale. He was sentenced to two years in prison for wire fraud in connection with his scheme to defraud investors. Falcone was also ordered to pay $1.8 million in restitution to seven of 3G’S investors.

Falcone pleaded guilty in June 2019.

Seth D. DuCharme, acting United States attorney for the Eastern District of New York, announced the sentencing.

"Falcone’s victims were reeled in by his 'Shark Tank' pitch, but with [Friday's] sentence, the
defendant is now squarely on the hook for his crimes," DuCharme said. "This Office remains committed to prosecuting those who mislead the public and abuse the trust placed in them to engage in fraud against their own investors."

In December 2012, Falcone established 3G’S. Among other products, 3G’S distributed a single-serving wine in a sealed glass, which was featured on "Shark Tank."

Between September 2014 and November 2015, Falcone solicited investments and promised potential investors that their money would be used to fund 3G’S by purchasing the single-serving wine product. Relying on those promises, investors wired money to Falcone's Florida-based bank accounts.

Instead of investing the money as promised, Falcone used approximately $527,064 for his personal benefit: paying off the mortgage on a home in Florida and funding his online securities trading.