Sandy Masselli
of Middlesex County, New Jersey has been charged with online gambling fraud after reports surfaced that he allegedly deceived twenty-six individuals out of cash totaling $1.3 million. Masselli reportedly promised investors that he would create iGaming businesses with the cash, providing a profit down the line for everyone involved.
The New Jersey Division of Consumer Affairs provided a press release on the matter, stated that Masselli and his wife, along with associate Joseph Picco, worked to sell stocks to investors from an entity called Carlyle Gaming and Carlyle Limited.
Where Was the Money Going?
The money provided by investors was supposed to be used to grow the companies. However, the state says that the money was instead used by Masselli to live the high life, spending as much as $145,000 on credit cards plus leasing automobiles, dining out, purchasing clothing and funding hotel stays. Masselli reportedly also used close to $100,000 to pay for bills associated with an ongoing matter in federal court and providing $17,000 to George Washington University to pay for his son’s college tuition.
Gurbir Grewal, the Attorney General of New Jersey, stated that Masselli led the investors astray, claiming that he was a savvy businessman, stating that he had a long and successful track record when it came to the online gambling industry. According to the AG, the actions of Masselli was simply a million-dollar fraud to use the money provided as a way to live a lavish lifestyle.
What Happens Now?
The New Jersey Division of Consumer Affairs is now seeking repayment of the funds for the investors who were defrauded as well as penalties against all defendants in the case. Acting Director of the Division, Paul Rodriguez, stated that the case is not one where a small portion of the money provided by investors was used personally, but almost every dime was placed in the defendant’s own accounts and used for their gain.
Saturday, 10 November 2018