Fair Haven man faces money laundering, securities fraud, and theft by deception charges
A former financial broker from Fair Haven faces charges for money laundering, securities fraud, and theft by deception in connection with an alleged Ponzi scheme which duped investors out of $10 million. The Attorney General's Office filed charges in Superior Court in Morristown last week for his alleged fraudulent investment vehicle called Healthcare Financial Partnership. Further, the defendant is a former employee of Cantone Research, Inc. in Tinton Falls, a brokerage firm that fired him last month and reported him for alleged securities violations.
In a statement relating to the above case, Attorney General Anne Milgram claimed that the defendant defrauded 13 investors, most of whom were elderly, over an 18 year period. He allegedly took the investors money and placed it into his own personal account with Merrill Lynch. According to the Asbury Park Press article, the defendant faces charges of first-degree money laundering, second-degree securities fraud and second-degree theft by deception, which were filed following an investigation by the Division of Criminal Justice Major Crimes Bureau.
We'll see how this case develops. I am currently defending a client in Middlesex County Superior Court charged with second degree theft by deception. The grading of a theft by deception charge turns on the amount of money allegedly stolen. If the amount of money involved was $75,000 or more, this will be graded as a second degree offense. If the amount allegedly taken is more than $500 but less than $75,000 this is a third degree theft by deception charge. Finally, if the amount stolen is more than $200 but less than $500, this will be a fourth degree criminal offense in New Jersey. All of these indictable criminal offenses are handled at "the county" or Superior Court level.
