TRENTON, NJ – A man from Monmouth County, New Jersey, has been sentenced to 45 months in prison for defrauding investors of over $1.2 million and illicitly securing a $96,000 loan intended for small businesses during the COVID-19 pandemic, as announced by U.S. Attorney Philip R. Sellinger.
Anthony Mastroianni Jr., 49, of Manalapan, entered a guilty plea on September 13, 2023, to two counts of wire fraud, as presided over by U.S. District Judge Robert Kirsch in Trenton federal court.
Sellinger highlighted the gravity of Mastroianni’s crimes, emphasizing the betrayal of investors’ trust and the exploitation of a national crisis for personal gain. Mastroianni’s fraudulent activities involved deceiving investors, many of whom were senior citizens, through promises of substantial profits via his company, Global Business Development & Consulting Corporation. Contrary to his claims, Mastroianni diverted the funds for personal use.
Furthermore, Mastroianni fraudulently obtained a federal COVID-19 emergency relief loan, purportedly to support distressed small businesses, only to spend it on personal luxuries and cash withdrawals.
Following his prison term, Mastroianni will undergo three years of supervised release and has been ordered to pay restitution amounting to $1.3 million.