NEWARK, N.J. – A Middletown man was sentenced to 180 months in prison for bilking investors of $10 million, U.S Attorney Craig Carpenito said Wednesday.
Vincent P. Falci, 59, was convicted back in December of three counts of wire fraud and one count of security fraud. He was accused of running a Ponzi scheme in which he also concealed losses and faked investment returns.
Many of his earliest victims were family, friends and associates, Carpenito said.
Falci was an investment manager with an office in his hometown, who operated under the names “Saber Funds” and “Vicor Tax Receivables LLP.”
In addition to the prison term, U.S. District Judge Anne E. Thompson also sentenced Falci to three years of supervised release, with restitution and forfeiture to be determined at a future date.