Manalapan man charged with bilking 10 investors out of $1M, getting fraudulent COVID loan

  • In US
  • 2022-08-17 19:31:46Z
  • By | Asbury Park Press

Federal authorities charged a disgraced Manalapan stock broker with wire and mail fraud alleging he defrauded 10 investors, some senior citizens, out of at least $1 million in an investment scheme.

Anthony Mastroianni Jr., 48, is also accused of getting a fraudulent loan for more than $96,000 from a COVID emergency relief fund for distressed businesses.

Mastroianni in 2016 consented to being permanently barred as a securities broker by the Financial Industry Regulatory Authority, the U.S. Attorney's Office in Newark said.

From 2017 up until this month, he bilked 10 investors−one 82 years old and another 67 years old−out of $1 million by convincing them he could generate large profits for them through his company, Global Business Development & Consulting Corp., according to the complaint in the case. Rather than investing the money, he used it for rent, car payments, credit card bills and cash withdrawals, authorities said.

Mastroianni also obtained a $96,200 loan from the Paycheck Protection Program and Economic Insurance DisasterProgram, COVID loans meant to help distressed small businesses, according to the complaint.

Crime:Marlboro man admits to cheating IRS out of $239K in taxes

Mastroianni filed a fraudulent application for the loan, claiming to have $357,500 in gross receipts and an employee on the payroll, while he actually had no employees and less than half that amount in goods or services sold, according to the complaint.

He was charged Wednesday with a five-count complaint and was scheduled to appear in federal court in Newark later in the day.

If convicted, he faces up to 20 years in prison on each count, although sentencing guidelines usually call for much less prison time, and a fine of as much as $250,000, or twice the gross loss or gain in the scheme.

Mastroianni is being represented by the Federal Public Defender's Office in Newark, which did not immediately return a call.

Ken Serrano covers crime, breaking news, local issues and investigations. Reach him at 732-643-4029 or

This article originally appeared on Asbury Park Press: Manalapan NJ man bilked investors; got fraudulent COVID loan: feds


More Related News

Why Biden
Why Biden's Marijuana Move Is a Midterm 'No Brainer'

Photo Illustration by Thomas Levinson/The Daily Beast/GettyA fiery speech in Philadelphia that called far-right Republicans a threat to democracy. A $400...

COVID rebound after Pfizer treatment likely due to robust immune response, study finds
COVID rebound after Pfizer treatment likely due to robust immune response, study finds
  • US
  • 2022-10-06 19:48:49Z

A rebound of COVID-19 symptoms in some patients after taking Pfizer's antiviral Paxlovid may be related to a robust immune response rather than a weak one, ...

Yes, it
Yes, it's time to get your COVID booster - just look at these charts

Cases and hospitalizations are rising in Europe, and the US will likely be next. The new boosters fight against the variant that is circulating now.

COVID wave looms in Europe as booster campaign makes slow start
COVID wave looms in Europe as booster campaign makes slow start
  • US
  • 2022-10-06 16:55:59Z

A new COVID-19 wave appears to be brewing in Europe as cooler weather arrives, with public health experts warning that vaccine fatigue and confusion over...

Twitter slips as investors await funding details on Musk
Twitter slips as investors await funding details on Musk's $44 billion deal

Apollo Global Management Inc and Sixth Street Partners, which had been looking to provide financing for the deal, are no longer in talks with the billionaire...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: US