NEWARK, N.J. (AP) — Prosecutors say a New Jersey man has been sentenced to more than four years in federal prison after admitting under a plea deal he defrauded 15 investors out of more than $3 million and used it on gambling and other personal expenses.
Paul Mancuso was sentenced on Wednesday after pleading guilty last year to conspiracy to commit wire fraud.
Mancuso admitted that he and others fraudulently obtained financing for projects that either didn't exist or they weren't actually involved in, including the development of an Atlantic City casino and the flipping of a Matawan property.
Mancuso's attorney says her client is deeply remorseful for the victims' pain and suffering.
Pasquale Stiso, of West Harrison, New York, was sentenced to more than 3 years in prison in the scheme.