Law & Justice

North Caldwell Man Admits to Defrauding Investors Out of More Than $500,000

7e4886f6aea4c1b7f5ea_1487335_10152065120784030_1253627136_n.jpg
7e4886f6aea4c1b7f5ea_1487335_10152065120784030_1253627136_n.jpg

NEWARK, NJ — A North Caldwell man recently admitted to fraudulently using more than $550,000 in investment funds that he solicited to purchase and sell consumer products in bulk, according to Acting U.S. Attorney William Fitzpatrick.

Michael Esposito, 45, pleaded guilty to one count of wire fraud before U.S. District Judge William Martini in Newark federal court, according to Fitzpatrick’s announcement last week.

According to the documents filed in this case and statements made in court:

Sign Up for E-News

“From August 2013 through February 2017, Esposito was the president of numerous entities that purported to purchase consumer products in bulk from manufacturers for resale to wholesalers and retailers. Esposito admitted that he told potential investors that he could purchase consumer goods – such as soda and bottled water – at substantial discounts, and that he had buyers ready to purchase the products at a significant profit.

“In return for providing the funds necessary to purchase the products, Esposito promised the victim investors a large percentage of the profits. However, Esposito admitted that he used the funds for his personal expenses and to pay other investors in order to make it appear the money was properly used. Esposito admitted that his actions resulted in losses of more than $550,000.

“The charge of wire fraud is punishable by a maximum potential penalty of 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense. Sentencing is set for July 20, 2017.”

Fitzpatrick credited special agents with the FBI, under the direction of Special Agent in Charge Timothy Gallagher in Newark, with the investigation. He also thanked investigators with the Florida Office of Financial Regulation for their assistance.

The government is represented by Assistant U.S. Attorney Andrew Kogan of the U.S. Attorney’s Office Economic Crimes Unit in Newark.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

West Essex

Deegan Dental Implant Special!

June 19, 2018

WEST ORANGE, NJ - OUR NEW DENTAL IMPLANT SPECIAL OFFER WILL GIVE YOU REASON TO SMILE!

Deegan Dental is happy to announce our New Dental Implant Special Offer that covers a single Complete Tooth Replacement (including the Implant, Stock Abutment and E-max Crown) for only $2,200 per Implant; a Great Value compared with our usual $4,000 fee!

Dental Implants look and feel like your own ...

Get $5 Off Admission At FunTime Junction On Father's Day

FAIRFIELD, NJ - Join us at FunTime Junction for Father's Day! GET $5 OFF ADMISSION with coupon when you wear your favorite sports team's jersey! Coupon Valid 6/17/18 only. Click here for coupon.

FunTime Junction is conveniently located at 400 Fairfield Rd in Fairfield, NJ 07004. 

About FunTime Junction

Awarded the 2017 Best Children’s Party Place by ...

Millburn's Peter Serruto Drafted by Cincinnati Reds

June 6, 2018

MILLBURN, NJ - Peter Serruto, who just completed his senior season at Millburn High School, was selected by the Cincinnati Reds in the 22d round of the Major League Baseball Amateur Draft on Wednesday.

Serruto was the 649th pick overall.

The 6-foot, 190-pound right-handed batter has been a defensive standout since he first suited up in a Millburn uniform as a freshman.

"Defensively, ...

Upcoming Events

Carousel_image_f6336b4ae60182e89776_roseland_library_logo

Wed, June 20, 11:30 AM

Roseland Public Library , Roseland

Adult Mat Yoga


Health & Wellness

Carousel_image_a3afe040c92e7fef61dc_ffpl_logo_with_address

Sat, June 23, 1:00 PM

Fairfield Free Public Library, Fairfield

Special Summer Reading Kick Off Show: Green Golly ...

Education

Carousel_image_5e177eaae57739064cd4_397f63ad2fb50392a776_29178074_2107642336134787_2638697507160326144_n

Sun, June 24, 11:00 AM

Totowa

MakerFest 2018

Solicitors In Fairfield Township

June 18, 2018

FAIRFIELD, NJ - Fairfield residents should be advised that APTIVE ENVIRONMENTAL has been issued a Solicitor License and will going door-to-door until Wednesday, July 11.

Canvassing hours are Monday through Sunday from 9:00 a.m. to 9:00 p.m. 

All Solicitors have been issued bright YELLOW badges from the Municipal Clerk’s Office and should be ...

Obituaries

Mar 23, 1932 - Jun 2, 2018
Obituary - Donald J. Cooney, March 23, 1932 to June 2, 2018 Donald J. Cooney, 86, of North ...
Read more

A Special Thank You For Helping Us Weather The Storm

June 18, 2018

About a month ago, on May 15, 2018, something happened to me and my family that changed our lives. An act of God, apparently a “microburst,” tore through our front yard, and uprooted an approximately 19,000 pound tree. The tree fell into my 8 month old’s bedroom destroying the entire structure of our home.

My husband, with what I call divine intervention, told us to go ...

Sobel & Co. Valuation Practice and EAC Valuations LLC Merge

“We are pleased to announce that EAC Valuations PA has joined the Sobel & Co. Valuation Practice to create Sobel Valuations LLC, a wholly owned subsidiary of Sobel & Co.,” said Alan Sobel, managing member of the firm.

“From the first time Frank Merenda, president and CEO of EAC Valuations, met with the Sobel & Co. valuation team, we quickly recognized the power of ...