NEWARK, N.J. (1010 WINS) — A barred New Jersey stock broker accused of stealing at least $1 million through a phony investment scheme and fraudulently obtaining a pandemic loan of almost $100,000 was arraigned in a Newark federal court on Wednesday.
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Anthony Mastroianni Jr., 48, was barred by the Financial Industry Regulatory Authority in 2016, meaning he was prohibited from acting as a broker.
Despite this, prosecutors accused Mastroianni of lying to 10 investors that he would act as a broker for them from January 2017 to August 2022.
His victims, mostly senior citizens, believed he would invest their funds through his company Global Business Development & Consulting Corp.
Instead of investing the money, he used the funds on personal expenses like rent, car payments and credit card bills, according to prosecutors.
He also allegedly submitted a fraudulent pandemic relief application for $96,300 meant for struggling small businesses.
Prosecutors charged him with wire fraud and mail fraud.
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