Millburn Man Charged in Purported Stock Fraud Scheme
According to law enforcement sources, a Millburn, NJ man, William C. Martucci, was arrested today and charged with second degree Theft by Deception and second degree Financial Facilitation for allegedly participating in a stock fraud scheme. Prosecutors are alleging that Martucci induced a California man to invest $100,000 in stock that did not exist, and secretly diverted the money to his own use. Martucci then purportedly issued fake stock certificates from a company in which he held no position in order to cover up the alleged scheme. If convicted, Martucci faces up to twenty years in prison.
Under New Jersey’s Theft by Deception statute, N.J.S. 2C:20-4, “a person is guilty of theft if he purposely obtains property of another by deception. A person deceives if he purposely: a. Creates or reinforces a false impression, including false impressions as to law, value, intention or other state of mind…; b. Prevents another from acquiring information which would affect his judgment of a transaction; or c. fails to correct a false impression which the deceiver previously created or reinforced, or which the deceiver knows to be influencing another to whom he stands in a fiduciary or confidential relationship.” Theft is a second degree crime if the amount involved in the theft is $75,000 or more.
New Jersey’s Financial Facilitation statute, N.J.S. 2C:21-25 provides that “a person is guilty of a crime if the person: a. transports or possesses property known or which a reasonable person would believe to be derived from criminal activity; or b. engages in a transaction involving property known or which a reasonable person would believe to be derived from criminal activity (1) with the intent to facilitate or promote the criminal activity; or (2) knowing that the transaction is designed in whole or in part: (a) to conceal or disguise the nature, location, source, ownership or control of the property derived from criminal activity; or (b) to avoid a transaction reporting requirement under the laws of this State or any other state or of the United States; or c. directs, organizes, finances, plans, manages, supervises, or controls the transportation of or transactions in property known or which a reasonable person would believe to be derived from criminal activity.” If the amount of money involved in the criminal activity is at least $75,000 but less than $500,000, financial facilitation is a second degree crime. Second degree crimes carry a punishment of between five and ten years in prison.
Anyone charged with theft by deception, financial facilitation, money laundering, or any other serious financial crime in New Jersey should contact New Jersey criminal defense lawyer Nace Naumoski for representation.
