New Jersey U.S. Attorney Paul j. Fishman announced that George Sepero, 39, Glen Rock, N.J., and Anthony Provenzano, 29, in Garfield, NJ, were charged with wire fraud conspiracy.
Prosecutors in a complaint Sepero and Provenzano claimed to have operated several hedge funds with a secret computer programs to invest in foreign currencies and achieve returns more than 170 percent in the previous two years.
Prosecutors also argued that the two men spend money invested with them at advanced vehicles, luxury travel and five-figure bar tabs.
Fishman offered a mild rebuke to the victims of the alleged scheme that they should have been more vigilant when they invested with Sepero and Provenzano.
"Nobody asks to be merchants, but they look to invest should always be skeptical of the rate of return that extends so far beyond the norm," Fishman said.
The couple made his first appearance in Federal Court in Newark, NJ Wednesday afternoon. U.s. Magistrate Judge Michael Shipp was released both defendants on $ 250,000 bond each, and ordered that their travel is restricted and passports surrendered. If convicted, face Sepero and Provenzano 20 years in prison and a fine of $ 250,000.
Complaints against George Sepero and Carmelo Provenzano
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