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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.