Joseph Gennaco, 68, of Winthrop, MA, also a resident of Jupiter, Fla., pleaded guilty to 11 counts of wire fraud and 16 counts of mail fraud in connection to an alleged investment scam that ran from 2001 to 2011. He will be sentenced May, 2013.
Gennaco was involved with several companies; Crescent Management Group, GCT Trust, Gennaco & Associates, and Oceanview Financial Services. According to federal prosecutors, Gennaco scammed over 20 investors out of $4.5 million dollars.
Federal prosecutors say that Gennaco told investors that their cash would go into “life settlements” and other insurance-based investments, when allegedly Gennaco used investors money to pay his own personal and business expenses.
If you experienced financial losses because of Joseph Gennaco, call Soreide Law Group, and speak to an attorney regarding potential recovery of your losses at 888-760-6552.
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