Southern District of New York | Rockland County Resident Arrested For $1.5 Million Fraud Scheme
Damian Williams, the United States Attorney for the Southern District of New York, and Ivan J. Arvelo, the Special Agent in Charge of the New York Field Office of Homeland Security Investigations (“HSI”), announced the unsealing of an Indictment charging JEFFREY TOGNETTI, JR., with lying to investors about, among other things, being a licensed Series 3 and 7 broker. TOGNETTI was arrested this morning and will be presented in White Plains federal court later today before U.S. Magistrate Judge Andrew E. Krause. The case is assigned to U.S. District Judge Nelson S. Román.
U.S. Attorney Damian Williams said: “As alleged, Jeffrey Tognetti, Jr., perpetrated a classic investment fraud scheme, lying to victims about his qualifications in order to lure supposed investments, only to misappropriate those funds. The career prosecutors of this Office are experts in prosecuting this kind of financial fraud, and thanks to our law enforcement partners, Tognetti now faces the repercussions of his alleged crime.”
HSI Special Agent in Charge Ivan J. Arvelo said: “The defendant is alleged to have defrauded his victims through an ongoing web of misrepresentations and deceit to fund his lavish lifestyle. HSI will work tirelessly to pursue those who seek to take advantage of their victims for financial gain and to ensure that the integrity of our financial institutions is upheld.”
As alleged in public proceedings and the Indictment unsealed today in White Plains federal court:[1]
From at least in or about July 2022 up to the present, TOGNETTI ran a scheme that defrauded victims out of at least $1.5 million. TOGNETTI solicited and obtained funds from victims based on the misrepresentations that, among other things, TOGNETTI was a licensed Series 3 and 7 broker in New York, New Jersey, and Florida, and that he would invest funds he received from victims in the stock market and cryptocurrency. To induce victims to give him funds, TOGNETTI routinely made materially false oral and written statements, including lies that he worked at a hedge fund known as Parallax Capital Advisors LLC and created technology that allowed him to profitably trade cryptocurrency. Without their knowledge or authorization, TOGNETTI misappropriated his victims’ funds by, among other things, using the funds for personal gain and transferring the funds to other individuals.
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TOGNETTI, 26, of Piermont, New York, is charged with one count of wire fraud, which carries a maximum sentence of 20 years in prison.
The maximum potential sentence is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant would be determined by a judge.
Any individuals who believe they may have been the victim of the alleged crime perpetrated by JEFFREY TOGNETTI, JR., can contact HSI at https://www.ice.gov/webform/ice-tip-form.
Mr. Williams praised the outstanding investigative work of HSI and the New York City Police Department.
This case is being handled by the Office’s Money Laundering and Transnational Criminal Enterprises Unit. Assistant U.S. Attorney Jennifer N. Ong is in charge of the prosecution.
The charges contained in the Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.
[1] As the introductory phrase signifies, the entirety of the text of the Indictment and the description of the Indictment set forth herein constitute only allegations, and every fact described should be treated as an allegation.
