Jersey City man gets prison — again — for $3.4 million olive oil scam
A Jersey City man with a criminal history of fraud was sentenced Wednesday to 37 months in prison for cheating investors out of $3.4 million by lying about deals to sell olive oil.
Antonio Fasolino, 62, pleaded guilty to three counts of wire fraud and one count of transacting in criminal proceeds. The sentence was handed down in federal court in Newark.
According to prosecutors, Fasolino owned several companies that were involved in the manufacture, sale and distribution of pasta, tomato sauce, olive oil and other food products. In 2012, he received $3.4 million from two victims by making up lucrative contracts that would allow his companies to sell olive oil.
Fasolino faked bank statements, which he gave to the victims, while spending the money on himself, including car and mortgage payments, apartment rentals, a wedding, college tuition and credit cards.
Fasolino also was sentenced to three years of supervised release and ordered to repay the money.
It's not his first prison sentence. Fasolino was convicted and served time in the 1990s for bank fraud and mail fraud, according to federal court records.