Piermont Resident Accused of Lying to Investors in Cryptocurrency Scam
Accusations and Charges
A Piermont resident named Jeffrey Tognetti, 26, is facing a federal charge of wire fraud. He is accused of lying to investors about being a licensed broker with expertise in cryptocurrency. The motive behind this deception was to steal money and finance a lavish lifestyle.
U.S. Attorney Damian Williams stated, “As alleged, Jeffrey Tognetti, Jr., perpetrated a classic investment fraud scheme, lying to victims about his qualifications in order to lure supposed investments, only to misappropriate those funds.”
The Scheme and Gross Amount
The scheme started in July 2022 and grossed at least $1.5 million, according to prosecutors. Tognetti claimed to be a licensed Series 3 and 7 broker in New York, New Jersey, and Florida. He promised to invest the funds he received from victims in the stock market and cryptocurrency.
Prosecutors revealed that Tognetti made false oral and written statements, including lies about working at a hedge fund called Parallax Capital Advisors LLC. He also claimed to have created technology that allowed him to profitably trade cryptocurrency.
HSI Special Agent’s Statement
HSI Special Agent in Charge Ivan J. Arvelo commented, “The defendant is alleged to have defrauded his victims through an ongoing web of misrepresentations and deceit to fund his lavish lifestyle.”
If you believe you may have been a victim of Tognetti’s alleged scheme, you can contact the New York Field Office of Homeland Security Investigations using this form.
Legal Consequences
U.S. Attorney Damian Williams stated, “The career prosecutors of this Office are experts in prosecuting this kind of financial fraud, and thanks to our law enforcement partners, Tognetti now faces the repercussions of his alleged crime.”
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Disclaimer
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