OCEAN COUNTY – Prosecutor Joseph Coronato announces that Peter Martorana, 62, of Wall Township pled guilty on February 1 to one count of financial facilitation of criminal activity in excess of $500,000, a crime of the first degree.
The State has recommended that Martorana be sentenced to 10 years in New Jersey State Prison, with a period of parole ineligibility of 4 years. Sentencing is scheduled for July 7, 2017.
Martorana served as an investment / financial advisor with an office located in Holiday City, Toms River. For the time period December 2006 to August 2013, Martorana had various elderly victims write checks to himself as well as his business (Retirement Benefit Specialist), under the guise that he would invest their monies. He never invested the monies, but instead used them for his own benefit. The victims were primarily in the 70s, 80s and 90s age group.
The matter was investigated by Ocean County Prosecutor’s Economic Crimes Unit Detective James Conroy, with assistance from OCPO Lt. Vincent Petrecca. Supervising Assistant Prosecutor Martin Anton prosecuted the case for the State.
Prosecutor Coronato stated, “Ocean County has a senior population that is particularly vulnerable to fraudsters like Martorana. This should send a message to others of his ilk that such behavior will not be tolerated. Anyone entrusting their money to a financial adviser should be sure they are reputable and properly licensed.”
‑‑Information released from Ocean County Prosecutors Office