Mill Basin man who allegedly scammed investors indicted on grand larceny
A Mill Basin man was arraigned yesterday on an indictment in which he is charged with second-degree grand larceny and other charges for allegedly stealing more than $440,000 that he was supposed to invest in securities for at least 22 people, including his friends, family, neighbors and others.
Joseph Casertano, 56, of Mill Basin, was arraigned before Brooklyn Supreme Court Justice Danny Chun on a 43-count indictment in which he is charged with first-degree scheme to defraud, second- and third-degree grand larceny, general business law, and first-degree falsifying business records. The defendant was ordered held on bail of $500,000 bond or $200,000 cash and to return to court on Oct. 10.
Between Oct. 1, 2011 and July 31, 2017, the defendant allegedly told people that he had an investment company, Shelter Island Leverage, and convinced 22 people to invest in multiple initial public offerings (IPOs) in increments beginning at $12,500.