NEWARK, N.J. – Michael A. Valenti III, 43, of Hasbrouck Heights, New Jersey, the former Senior Vice President of Sales for Cinelli Iron & Metal Co. (CIMCO) pleaded guilty to participating in a 17-year conspiracy to defraud customers out of millions of dollars, before U.S. District Judge Susan D. Wigenton in Newark Federal Court on Wednesday, Acting U.S. Attorney William E. Fitzpatrick announced.
He pleaded guilty to conspiracy to commit wire fraud and will be sentence on November 21, 2017.
During his plea hearing, Valenti admitted that the loss caused by the conspiracy that was reasonably foreseeable to him was more than $9.5 million, but less than $25 million.
This follows yesterday’s court hearing in which Craig Cinelli pleaded not guilty at his arraignment. His brother, Joseph Cinelli Jr., will be arraigned on August 23. Each are being charged with five counts of wire fraud and one count of conspiracy to commit wire fraud. They were arrested the morning of August 2.