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NJ Man Sentenced For Running Financial Scams

A New Jersey man will head to federal prison after admitting to two separate financial scams that totaled about $2 million.

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Chris Ryan, Getty Images

A federal judge gave Victor Cilli a three-year sentence on Monday. The former Hackensack-based day trader had pleaded guilty to securities fraud, bank fraud conspiracy and tax evasion.

The U.S. Attorney’s Office says Cilli defrauded an Ohio-based bank of more than $1.5 million in student loans by falsely claiming some co-conspoirators planned to use the money to attend flight training school in Florida.

He also defrauded four investors out of more than $500,000 in a Ponzi scheme that involved trading in commodity futures.

Prosecutors say Cilli used thousands of dollars for personal expenses and never told investors he invested less than half their money and lost most of that.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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