MANALAPAN – A Monmouth County man has been criminally charged for defrauding victims of at least $1 million in an investment fraud scheme, as well as fraudulently obtaining a loan meant for small businesses during the COVID-19 pandemic, officials said.
Anthony Mastroianni Jr., 48, of Manalapan, was charged in a five-count complaint with wire and mail fraud.
According to officials, Mastroianni consented to being permanently barred by the Financial Industry Regulatory Authority (FINRA) back in 2016. This prohibited him from acting as a broker or intermediary in securities transactions.
Despite that debarment, Mastroianni defrauded victim investors, many of whom were senior citizens, between January 2017 and August 2022. Officials said he would falsely claim that he would generate large investment profits for them through his company, Global Business Development & Consulting Corp.
Instead, Mastroianni used victim funds on personal expenses such as household rent, automobile payments, credit card bills and cash withdrawals. Mastroianni defrauded 10 victims out of $1 million, officials said.
Additionally, Mastroianni submitted a false and fraudulent application in order to get $96,300 from a federal COVID-19 emergency relief loan (Cares Act Loan) which is meant for distressed small businesses. He proceeded to misuse the loan to make personal purchases and cash withdrawals, officials said.
Each count of mail and wire fraud carries a maximum potential punishment of 20 years in prison and a fine of up to $250,000, or twice the gross loss or gain caused by the offense.
The charges and allegations contained in the complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty.
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