New York Investment Adviser Convicted of Bilking Clients Out of $14 Million

by Wall Street Fraud on February 23, 2012

Investment fraud attorneyA Staten Island, N.Y., financial advisor who defrauded older investors out of $14 million has been convicted of mail fraud and faces up to twenty-five years in prison. According to prosecutors, Joseph Mazella, 52, operated the investment fraud through the Great Atlantic Group and affiliated companies, which he used to prey on vulnerable investors and steal their life savings.

"The evidence at trial showed that the defendant callously and systematically defrauded his victims of their lives' savings," said U.S. Attorney for the Eastern District of New York Loretta Lynch

"Mazella's victims, many of whom are senior citizens on a fixed income, turned to him to ensure their security in their golden years.

Instead, their security was raided to fund his fraud, and they will feel the impact of Mazella's crimes for the rest of their lives," he further stated.

According to prosecutors, the financial adviser told investors that their money was being put into real estate projects that would return high yields, when he was actually investing their money in risky projects in poor areas. He also diverted money for his own use.

According to testimony on behalf of scorned investors over the course of the two-week trial, Mazella assured investors he would watch out for their interests. He promised one woman he would treat her like his mother, while stealing the $69,000 her husband had left her, Lynch said.

Source: Financial Adviser

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