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SEC defendant Masselli accused of identity theft

2019-09-17 11:23 ET - Street Wire

Also Street Wire (C-OLG) Carlyle Entertainment Ltd

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by Mike Caswell

Prosecutors in New Jersey have released yet more details of the fraud case against Sandy Masselli, the chairman of Carlyle Entertainment Ltd., making accusations of identity theft to go along with the already substantial allegations against him. According to prosecutors, Mr. Masselli took out a credit card in the name of a Florida woman in 2016. He then made thousands of dollars in unauthorized purchases, ultimately exceeding the credit limit on the account, the government says.

The new information comes as part of a case in which prosecutors claim that Mr. Masselli, 57, committed a years-long fraud that included banks, brokerages and Carlyle investors. Among other things, he raised millions of dollars from investors, using a large portion of the money for himself, the government says. He also attempted to deposit $904,000 in bad cheques at two brokerages, according to prosecutors. (All figures are in U.S. dollars.)

The case has not yet gone to trial, and since the original charges prosecutors have brought forward new allegations or details more than once. The latest information is contained in a motion filed on Thursday, Sept. 12, in federal court in New Jersey. The motion sets out how Mr. Masselli committed aggravated identity theft, using a Florida woman's credentials to obtain a credit card at Capital One.

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