February 20, 2018 – Attorney General Eric T. Schneiderman announced the convictions after a two-week jury trial of David A. Mazzeo, 59, of Guilderland, New York, and Michael C. Caruso, 62, of Schenectady, New York, for their participation in a wide-ranging scheme to defraud investors and lending institutions. The evidence at trial showed that between July 2012 and September 2013, the two defendants engaged in a complex, quid pro quo scheme, whereby Caruso opened a personal bank account in his own name and let Mazzeo use the account to steal nearly $ 150,000 from multiple individuals, all while Mazzeo was under investigation for other investment fraud schemes.

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