{"id":50185,"date":"2022-06-28T15:09:45","date_gmt":"2022-06-28T22:09:45","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=50185"},"modified":"2022-06-29T14:07:52","modified_gmt":"2022-06-29T21:07:52","slug":"ex-stockbroker-scammed-elderly-victims-out-of-3-2-million-by-running-a-securities-fraud-scheme","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=50185","title":{"rendered":"Ex-Stockbroker Scammed Elderly Victims Out of $3.2 Million by Running a Securities Fraud Scheme"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SANTA ANA, California\u00a0<\/strong><\/span><\/p>\n

\"\"A former licensed stockbroker pleaded guilty Tuesday to federal criminal charges for running a securities fraud scheme, officials stated.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Robert Louis Cirillo\u00a0targeted low-income Hispanic victims to obtain more than $3.2 million via false promises of high returns from construction loans, cheating on his taxes, and \u2013 in a separate scheme \u2013 conspiring to defraud an elderly man out of nearly $400,000 through a \u201crelative-in-distress\u201d scheme.<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Cirillo, 61, of Chino Hills, pleaded guilty to one count of securities fraud, one count of filing a false tax return, and one count of conspiracy to commit wire fraud.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 According to his plea agreement, from 2014 to 2021, Cirillo deceived more than 100 victims by lying to them that he would be investing their funds in short-term construction loans that would pay large return rates that ranged from 15% to 30% for a period of up to 90 days.\u00a0 <\/span><\/p>\n

\"\"As part of the scheme, officials stated that Cirillo showed actual and prospective victim-investors fabricated bank statements that purported to show the investments\u2019 growth.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 In reality, Cirillo never invested the victims\u2019 money and instead used it for his own personal expenses, including credit card payments, a trip to Las Vegas, and two automobiles \u2013 a Jeep and an Alfa Romeo.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cirillo admitted to targeting members of the Hispanic community, many of whom were of limited means, for his fraudulent scheme. One victim invested her life savings of $20,000 in Cirillo\u2019s scheme, according to officials.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \"\" In the spring of 2021, Cirillo was part of a scheme that deceived a senior citizen into believing that his grandson had been arrested for possession of illegal narcotics, which was false. <\/span><\/p>\n

Cirillo\u2019s co-conspirators convinced the victim to send a total of nearly $400,000 for his grandson\u2019s \u201cbail.\u201d Cirillo used some of that victim\u2019s money for his own personal benefit.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finally, Cirillo admitted to filing false income tax returns for the years 2015, 2016 and 2017 by failing to report a total of more than $3 million in income, according to officials. <\/span><\/p>\n

For example, on his 2017 federal income tax return, Cirillo reported a total income of $30,985, which failed to include more than $1.9 million in income he received from his investment fraud scheme.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cirillo\u2019s investment fraud resulted in a total loss of $3,237,262; his conspiracy to defraud the senior citizen resulted a total loss of $399,550; and the total tax loss incurred was $675,898.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 U.S. District Judge David O. Carter scheduled a Sept. 6 sentencing hearing. Cirillo faces up to\u00a0 43 years in federal prison.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The FBI and IRS Criminal Investigation investigated this matter.<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Officials stated that Assistant United States Attorney Charles E. Pell of the Santa Ana Branch Office is prosecuting this case.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SANTA ANA, California\u00a0 A former licensed stockbroker pleaded guilty Tuesday to federal criminal charges for running a securities fraud scheme, officials stated. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Robert Louis Cirillo\u00a0targeted low-income Hispanic victims to obtain more…<\/p>\n","protected":false},"author":1,"featured_media":7271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-50185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-department-of-justice"],"yoast_head":"\nEx-Stockbroker Scammed Elderly Victims Out of $3.2 Million by Running a Securities Fraud Scheme<\/title>\n<meta name=\"description\" content=\"\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SANTA ANA, California\u00a0 A former licensed 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