Disbarred Attorney Sentenced to Prison for Wire Fraud, Money Laundering

New Rochelle, NY — A disbarred attorney from New Rochelle was sentenced Tuesday to 43 months in prison for involvement in a ticket resale fraud scheme and a real estate investment fraud conspiracy.

U.S. Attorney Paul J. Fishman said Pasquale Stiso, also known as “Pat Stiso,” had been previously convicted of one count of conspiracy to commit wire fraud, six counts of wire fraud and three counts of money laundering.

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Stiso, 55, bilked multiple victims out of more than $3 million.

In addition to the prison term, Stiso was sentenced to three years of supervised release and was ordered to pay restitution of $460,000.

According to evidence presented at trial and documents file in this case, co-defendant Paul Mancuso, 49, of Glen Rock, New Jersey, presented himself as an investor, broker and developer of various purported investments that didn’t exist at all or for which Mancuso had no involvement.

Stiso held himself out as an person who was working with Mancuso on various projects.

Officials said many of the victims of the pair lost all or substantially all of the money they invested with them. Many lost all or most of their life savings.

One of the schemes Stiso and Mancuso perpetrated was telling victims they would purchase event tickets at a lower or wholesale rate and then resell them to the public at a higher rate, creating profits for the investors, but no tickets were purchased.

In one of the real estate schemes, Stiso and Mancuso falsely told victims they were were investors in a development project in Valley Cottage, New York, and that investor money would be used to buy an interest in real property, which would then be sold at an increased price, creating profits.

The reality was that Stiso and Mancuso did not invest the victims’ money in real estate, but paid off gambling debts and money owed to loan sharks. Both men were heavily involved in illegal gambling pursuits and owed substantial amounts of money to loan sharks and a bookmaker.

Mancuso previously pleaded guilty in federal court to conspiring with Stiso to commit wire fraud and is awaiting sentencing.