PHILADELPHIA, PA — Michael Salerno, 55, of Mount Laurel, New Jersey, was sentenced on Monday to 37 months in prison for orchestrating multiple fraudulent schemes that defrauded hundreds of investors. U.S. District Court Judge Paul S. Diamond also ordered Salerno to pay $549,835 in restitution.
Salerno’s schemes began in September 2016, using companies like Black Diamond Forex, L.P. and Advanta Capital Markets, Inc. to lure victims with false promises of foreign currency trading opportunities. He claimed to provide access to a $10 million trading pool, assuring substantial profits. In reality, these were deceptive tactics to collect advance fees from victims.
Unraveling in 2018, the fraud drew the FBI’s attention, leading to an injunction by the Commodity Futures Trading Commission. Undeterred, Salerno launched AccuOne Financial, Inc., purportedly aiding clients in managing auto leases. Yet, this too was a facade, leaving clients financially damaged.
“Michael Salerno is a modern-day snake oil salesman,” U.S. Attorney Jacqueline C. Romero remarked, emphasizing the need to hold such fraudsters accountable. FBI Special Agent Wayne A. Jacobs added, “Under the guise of a businessman, Salerno was truly a criminal, devising schemes built on manipulation and lies.”
The investigation, spearheaded by the FBI, highlights ongoing efforts to combat fraud. Assistant U.S. Attorney Matthew Newcomer and former Assistant U.S. Attorney Christopher J. Mannion prosecuted the case, bringing justice to those affected by Salerno’s deceit.
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