Investment Adviser Gets 58 Months For $2.5M Fraud

Law360, New York (August 18, 2011, 4:32 PM EDT) -- A federal judge on Thursday sentenced a New Jersey-based investment adviser to 58 months in prison for defrauding investors, including a union pension fund, out of about $2.5 million they thought would go to investments in conservative securities.

U.S. District Judge William J. Martini also ordered defendant Carlo Chiaese, 38, to pay $2.5 million in restitution for taking the investors' money and using it to buy luxury cars and high fashion.

In March, Chiaese pled guilty to one count of securities fraud.

The defendant, who began...
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