A New York man pled responsible to fraud fees final week after utilizing varied faux crypto and actual property schemes to swindle buyers out of greater than $1.3 million.
Thomas John Sfraga, who glided by the alias “T.J. Stone,” defrauded greater than a dozen victims, together with buddies and neighbors, in accordance with an announcement from the U.S. Legal professional’s Workplace for the Japanese District of New York.
Sfraga painted himself as a serial entrepreneur with expertise in actual property improvement, media relations, podcasting and cryptocurrencies. He additionally claimed that he emceed crypto occasions in New York Metropolis.
To facilitate his fraud, Sfraga pretended to personal a number of companies, which he known as Vandelay Contracting Corp. and Construct Robust Houses LLC.
The U.S. Legal professional’s Workplace notes that Vandelay may have been named after Vandelay Industries, a fictitious firm within the tv present “Seinfeld.”
Sfraga bilked victims in Brooklyn, Staten Island and Lengthy Island by pretending to buy, renovate and flip residential properties. He additionally defrauded a sufferer into investing in a faux crypto pockets and satisfied an investor to sink $100,000 in money to prop up a non-existent building challenge.
However as an alternative of creating authentic investments, Sfraga used the funds to counterpoint himself and pay older buyers.
Sfraga faces a most sentence of 20 years in jail and has been ordered to pay restitution of greater than $1.33 million.
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