NJ financial advisor admits identity theft that cost clients $500k
A Middletown financial advisor accused of bilking nearly 20 clients out of a half million dollars has pleaded guilty to the charges against him.
Christopher D. Biello, 43, is facing as many as 14 years in prison when he is sentenced Nov. 4, and may be ordered to pay back his 19 victims, the Monmouth County Prosecutor's Office said Saturday.
Authorities said Biello, who also went by the name Christopher Sherman, deceived and impersonated clients by obtained numerous credit cards in their names, engaging in fraudulent loan attempts using the victims’ identities and forging documents.
On Friday he pleaded guilty to one count of second-degree theft by deception, seven counts of third-degree theft by deception, three counts of third-degree impersonation, four counts of third-degree bad checks, two counts of third-degree theft, one count of fourth-degree forgery, one count of third-degree theft of services, and one count of third-degree fraudulent use of credit card.
Biello was being held without bail Saturday in the Monmouth County Correctional Institution in Freehold Township.