By: Richard L. Smith
Anthony Mastroianni Jr., 49, of Manalapan, New Jersey, has been sentenced to 45 months in federal prison after admitting to defrauding 14 individuals out of more than $1.2 million and illicitly obtaining a $96,000 loan intended to help small businesses during the COVID-19 pandemic, U.S. Attorney Philip R. Sellinger announced Thursday.
Mastroianni's sentencing took place in Trenton federal court, where U.S. District Judge Robert Kirsch handed down the judgment following Mastroianni's guilty plea on September 13, 2023, to two counts of wire fraud.
Federal officials said Sellinger highlighted the gravity of Mastroianni's crimes, noting his betrayal of investor trust for personal gain and emphasizing the importance of investor confidence in the ethical use of their funds.
"Mastroianni is now realizing the price that must be paid for stealing from innocent victims," Sellinger remarked.
Mastroianni's fraudulent activities date back to January 2017, shortly after he was permanently barred from acting as a broker or intermediary in securities transactions by the Financial Industry Regulatory Authority (FINRA) in 2016.
Ignoring this prohibition, he deceived investors—many of whom were senior citizens—into believing their funds would be safely invested through his company, Global Business Development & Consulting Corporation, promising significant returns.
Instead, these funds were diverted to cover Mastroianni's personal expenses.
In addition to investment fraud, Mastroianni exploited the COVID-19 pandemic by submitting a fraudulent application for a federal emergency relief loan, securing approximately $96,300 meant for struggling small businesses.
Similar to his investment scheme, he misappropriated these funds for personal use.
Judge Kirsch's sentence also includes three years of supervised release and orders Mastroianni to pay restitution totaling $1.3 million.
This case serves as a stark reminder of the legal consequences facing those who exploit financial systems and trust for personal benefit.