Two Men Charged In Real Estate Investment Fraud Scheme - $5M In Losses

Education & Training TN LIC# 290452 (retired)

Two Men Charged in Real Estate Investment Fraud Scheme

U.S. Attorney’s Office March 07, 2013
  • District of New Jersey (973) 645-2888

NEWARK—Two men were arrested this morning and charged with engaging in a real estate investment fraud conspiracy that defrauded more than 15 victims of approximately $5 million from 2009 to the present, U.S. Attorney Paul J. Fishman announced.

Paul Mancuso, 46, of Glen Rock, New Jersey, and Pasquale Stiso, a/k/a “Pat Stiso,” 52, of West Harrison, New York, are charged by complaint with one count of conspiracy to commit wire fraud. They made their initial court appearances this afternoon before U.S. Magistrate Judge Madeline Cox Arleo in Newark federal Court. Stiso was released on bail. Mancuso was ordered detained, pending a bail hearing tomorrow.

According to the complaint:

From 2009 through the present, Mancuso held himself out as a real estate investor, broker, and/or developer, as well as a “hard money” lender and broker of other various purported investments. Mancuso obtained from his victims substantial investments for various projects that, in fact, either did not exist at all or in which Mancuso had no actual involvement.

Stiso, a disbarred attorney, held himself out as an individual who was working with Mancuso on various purported projects.

Some of the purported projects touted by Mancuso, Stiso, and/or their co-conspirators included investments in a phony ticket scam, the development of a pizzeria at a resort in the Bahamas, the development of a casino in Atlantic City, the development of a commercial shopping center, and the “flipping” of a piece of real estate in Matawan.

Most, if not all, of Mancuso’s victims lost all or substantially all of the money they invested with him and his co-conspirators.

Many of Mancuso’s victims have lost all or substantially all of their life savings in his various schemes to defraud.

The complaint also alleges that Mancuso and Stiso were heavily involved in illegal gambling pursuits and that they both owe substantial sums of money to one of their bookmakers or “bookies” (referred to in the complaint as “the Bookie”).

Indeed, Mancuso paid the Bookie in excess of $600,000 from gambling losses in or around 2012, and defendant Mancuso still owes the Bookie approximately $500,000 from gambling losses.

The charge of wire fraud conspiracy carries a maximum potential penalty of 20 years in prison and a maximum fine of $250,000 or twice the gross gain or loss associated with the offense, whichever is greatest.

U.S. Attorney Fishman credited special agents of the Federal Bureau of Investigation, under the direction of Acting Special Agent in Charge David Velazquez; Special Agents of the Internal Revenue Service-Criminal Investigation, under the direction of Acting Special Agent in Charge Shantelle P. Kitchen; as well as Criminal Investigators of the U.S. Attorney’s Office for the investigation leading to today’s arrests.

The government is represented by Assistant U.S. Attorney Lisa M. Colone of the U.S. Attorney’s Office Criminal Division in Newark.

The charge and allegations in the complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

source: FBI
Posted by

David Saks

Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.


Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.





"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


  Real Estate Crimes


Click "HERE" For Today's Question



TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis



America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
Tennessee Shelby County Memphis
real estate fraud

Spam prevention
Show All Comments
Dee Toohey
Innovative Realty Solutions Group - Longwood, FL
Broker, ABR, AHWD, CIPS, FMS, ePro

Thanks for sharing.  I'm glad they got caught.  These unfortuate scams hurt the public and agents. 

Mar 08, 2013 12:00 AM #1
David Saks
Memphis, TN

Thank you for reviewing the press release, Dee. Very serious charges.

Mar 08, 2013 07:18 AM #2
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


David Saks

May God Bless You, Always. David
Spam prevention

Additional Information