NEWARK, N.J. (AP) - A man who swindled two investors out of $3.4 million by falsely representing that his businesses had secured lucrative contracts to sell olive oil to major retailers has been sentenced to more than three years in prison.
Antonio Fasolino received a 37-month term Wednesday. He’ll also have to pay $3.4 million in restitution.
The 62-year-old Jersey City man had pleaded guilty last August to three counts of wire fraud and a single count of transacting in criminal proceeds.
Federal prosecutors say Fasolino owned several companies that were purportedly involved in the manufacture, sale and distribution of various food products. He got the money from his victims in 2012 by falsely claiming his companies had been awarded lucrative contracts to sell olive oil.
Prosecutors say Fasolino supplied the victims with altered bank statements and used their money to pay personal expenses.
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