WESTCHESTER COUNTY, N.Y. -- A disbarred New York attorney was convicted Tuesday by a federal jury for his role in a ticket resale fraud scheme and a real estate investment fraud conspiracy that bilked multiple victims out of more than $3 million from 2011 to the present, U.S. Attorney Paul J. Fishman announced.
Pasquale Stiso, a/k/a “Pat Stiso,” 55, of West Harrison was convicted of all 10 counts of a superseding indictment charging him with one count of conspiracy to commit wire fraud, six substantive counts of wire fraud, and three counts of money laundering. The jury deliberated 90 minutes following a seven-day trial.
According to court documents, since 2011, co-defendant Paul Mancuso, 49, of Glen Rock, N.J., held himself out as an investor, broker, and developer of various purported investments. Mancuso obtained from his victims substantial investments for various projects that, in fact, either did not exist at all or in which Mancuso had no actual involvement.
Stiso held himself out as an individual who was working with Mancuso on various purported projects.
Many of the victims of Stiso and Mancuso’s schemes lost all or substantially all of the money they invested with Mancuso and Stiso. Many even lost all or most of their life savings.
Stiso and Mancuso falsely represented to some victims that they would purchase event tickets, at a lower or wholesale rate, and then resell them to members of the public at an inflated rate, creating profits for their investors. In reality, Stiso and Mancuso did not buy tickets with their victims’ money.
In one of the real estate schemes, Stiso and Mancuso falsely represented to victims that they were investors in a real estate development project and that investor money would be used to purchase an interest in real property then be resold at an increased price, creating profits for their investors. The money was instead used in monetary transactions designed to funnel, and in many instances launder, the victims’ investments for their own benefit, including paying illegal gambling debts and money owed to loan sharks.
Stiso and Mancuso were heavily involved in illegal gambling pursuits and both owed substantial sums of money to loan sharks and one of their bookmakers.
Stiso’s sentencing is scheduled for March 3, 2016.
Mancuso previously pleaded guilty in federal court to conspiring with Stiso to commit wire fraud and is scheduled for sentencing Jan. 12, 2016.
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