Cases by state
Ponzi schemes in New Jersey
51 cases announced 2002–2026, involving about $2.1B in reported investor money. Most common types: investment funds & advisory, real estate and trading, forex & commodities. Listed by where the main defendant was based.
The largest by reported amount: Rey E. Grabato II, Thomas Nicholas Salzano, Arthur S. Scuttaro ($650M, 2022). Charges are allegations unless a court has entered a conviction or judgment.
Pitch phrases seen in these cases
- “risk-free”
- “guaranteed”
- “significant fixed returns”
- “would manage their money through various investment strategies”
- “between 30 and 40 percent over one or two years”
- “costing around $45,000”
- “delivery and installation contracts with multiple large retailers”
- “between 10 to 15 percent”
Cases
| Date | Case | Location | Industry | Amount |
|---|---|---|---|---|
| Aug 13, 2026 | Capital Funding ASAP LLC Leor Moshe, Jacob Goldman, Isaac Odes |
Toms River, NJ | Lending & cash advance | $47M |
| Feb 19, 2026 | Evangelos Drosos | Glen Ridge, NJ | Investment funds & advisory | $10M |
| Feb 15, 2026 | Skyline Technologies USA LLC Xiao Hu (aka Mark Hu) |
Princeton, NJ | Trading, forex & commodities | $1M |
| Oct 25, 2024 | Arsen Lusher | Millstone, NJ | Trucking & transport | $5M |
| Oct 9, 2024 | Sunrise Enterprises LLC Lawrence Coven |
Hillsborough, NJ | Lending & cash advance | $1M |
| Jul 30, 2024 | Shahid Javed, Wilfredo Topacio | Old Bridge, NJ | Trading, forex & commodities | $6.7M |
| Mar 8, 2024 | Giddeon Financial Services, Liberty Mortgage Services Vincent Dispoto Jr. |
Belmar, NJ | Real estate | $5M |
| Oct 18, 2023 | Cesar Humberto Pina | Franklin Lakes, NJ | Real estate | $17M |
| Jul 19, 2023 | Optimus Investments Inc, Tryon Management Group LLC Eliyahu Weinstein (aka Eli, Mike Konig), Aryeh Bromberg, Joel Wittels, Shlomo Erez, Alaa Hattab |
Lakewood, NJ | Investment funds & advisory | $35M |
| Nov 2, 2022 | Halal Capital LLC Jebara Igbara (aka Jay Mazini) |
Edgewater, NJ | Investment funds & advisory | $8M |
| Oct 13, 2022 | Rey E. Grabato II, Thomas Nicholas Salzano, Arthur S. Scuttaro | Hoboken, NJ | Real estate | $650M |
| May 5, 2022 | Precipio Capital LLC Mark Marchi |
Red Bank, NJ | Trading, forex & commodities | $2.8M |
| Mar 2, 2022 | Joseph Orazio DeGregorio | Freehold, NJ | Investment funds & advisory | $1.2M |
| Oct 27, 2021 | SwapStar Capital LLC Swapnil J. Rege, Reema Rege |
Monmouth Junction, NJ | Trading, forex & commodities | $2.3M |
| Sep 29, 2021 | Gregory Ciccone | Woodland Park, NJ | Investment funds & advisory | $1.5M |
| Mar 18, 2021 | Norse Holdings LLC Seth P. Levine |
NJ | Investment funds & advisory | $20M |
| Nov 12, 2020 | Chander Singh, Sooruh "Paul" Singh, Savitre "Joyce" Singh, Subhas "Brian" Singh, Chandrika "Basil" Singh | Bergen County, NJ | Real estate | $4.7M |
| Nov 3, 2020 | Terrence Chalk (aka Dr. Terrence Cash) | Passaic, NJ | Investment funds & advisory | $5M |
| Oct 13, 2020 | Roaring Investments Inc Alexander S. Rowland |
Penns Grove, NJ | Crypto & digital assets | $2.1M |
| Jul 17, 2020 | International Investment Group David Hu |
West Orange, NJ | Lending & cash advance | $100M |
| Jul 1, 2020 | Clear Solutions Group LLC Matthew Benjamin |
Englewood, NJ | Investment funds & advisory | $1.5M |
| Jan 7, 2020 | Cash Flow Partners LLC Edward Espinal |
Wayne, NJ | Real estate | $5M |
| Aug 5, 2019 | LaunchByte.IO LLC Tanmaya Kabra |
Weehawken, NJ | Investment funds & advisory | $1.8M |
| Jan 29, 2019 | Ford F. Graham, Katherine B. Graham | Princeton, NJ | Energy & alternative assets | $5M |
| May 4, 2017 | Verto Capital Management LLC William R. Schantz III |
Moorestown, NJ | Legal & litigation funding | $12.5M |
| Mar 3, 2017 | Metropolitan Ambulatory Surgical Center LLC, Global Fund Management George Bussanich Sr., Wilma Bussanich, George Bussanich Jr., Heidi Francavilla, Bryan Nazor, Robert G. Schooley, Brendan M. Byrne, Christopher Hanna |
Park Ridge, NJ | Investment funds & advisory | $7M |
| Dec 16, 2016 | Saber Funds, Vicor Tax Receivables LLP, Vidon Capital Partners LLC Vincent P. Falci |
Middletown, NJ | Investment funds & advisory | $5.3M |
| May 27, 2016 | Cifuentes Fund Management LLC Alcibiades Cifuentes, Jennifer Wee Cifuentes |
West New York, NJ | Trading, forex & commodities | $590,000 |
| Dec 8, 2015 | Lotus Global Omar Hafez |
North Arlington, NJ | Investment funds & advisory | $1.5M |
| Oct 1, 2015 | Promitor Capital Management LLC William J. Wells |
River Vale, NJ | Trading, forex & commodities | $1.1M |
| Sep 26, 2014 | eAdGear Holdings Limited Charles S. Wang, Qian Cathy Zhang, Francis Y. Yuen |
Warren, NJ | Investment funds & advisory | $129M |
| May 14, 2014 | Equity Capital Investments LLC Randy Poulson |
Woolwich Township, NJ | Real estate | $3M |
| Feb 7, 2013 | Charles Huggins, Christopher Butchko, Anne Thomas | Edgewater, NJ | Investment funds & advisory | $2.5M |
| May 22, 2012 | Connolly Properties Inc. David M. Connolly |
Watchung, NJ | Real estate | $50M |
| Mar 24, 2012 | The George Group Tate George |
Newark, NJ | Real estate | $2M |
| Dec 14, 2011 | George Sepero, Carmelo Provenzano | Glen Rock, NJ | Trading, forex & commodities | $4M |
| Jul 6, 2011 | Hawthorne Capital Corporation, Hawthorne Abstract, Rapid Abstract Frederick Tropeano |
Holmdel, NJ | Real estate | $7.5M |
| Jun 15, 2011 | Progressive Investment Funds LLC Victor Eugene Cilli |
Hackensack, NJ | Trading, forex & commodities | $2M |
| Feb 18, 2011 | Secure Capital Funding Corporation, PP&M Trade Partners Bertram Augustus Hill, Kiavanni Pringle |
Morganville, NJ | Investment funds & advisory | $3.6M |
| Dec 21, 2010 | Carr Miller Capital LLC, Capital Markets Advisory LLC Everett Charles Ford Miller, Ryan Jude Carr, Brian Patrick Carr |
Marlton, NJ | Investment funds & advisory | $40M |
| Sep 2, 2010 | Sandra Venetis | Branchburg, NJ | Lending & cash advance | $11M |
| Sep 2, 2010 | Allied Health Care Services Inc Charles K. Schwartz |
Sparta, NJ | Lending & cash advance | $87M |
| Aug 12, 2010 | Siforov Inc Eliyahu Weinstein (aka Eli Weinstein), Vladimir Siforov |
Lakewood, NJ | Real estate | $200M |
| Jun 16, 2010 | Antoinette Hodgson (aka Dina Hodgson) | Montclair, NJ | Real estate | $45M |
| Apr 1, 2010 | Victoria Scardigno | Weehawken, NJ | Investment funds & advisory | $1M |
| Nov 17, 2009 | Health Care Financial Partners Maxwell B. Smith III |
Fair Haven, NJ | Investment funds & advisory | $9M |
| Mar 9, 2009 | Serafino Holdings LLC Anthony Lucchetto Jr. |
Fanwood, NJ | Lending & cash advance | $15M |
| Feb 25, 2009 | Westgate Capital Management LLC James M. Nicholson |
Saddle River, NJ | Trading, forex & commodities | $100M |
| Aug 12, 2008 | Kay Services LLC Marcia Sladich |
Clifton, NJ | Real estate | $10M |
| May 14, 2007 | NJ Affordable Homes Corp Wayne Puff, Kenneth Lagonia |
NJ | Real estate | $90M |
| Mar 19, 2002 | First Interregional Equity Corp., First Interregional Advisors Corp. Richard Goettlich, Anthony Gianninoto, Eileen Laine |
Newark, NJ | Investment funds & advisory | $295M |