Thomas Corsaro, 59, of Bloomfield, Ontario County, has pleaded guilty to a wire fraud charge, admitting to defrauding investors out of over a million dollars, as per the U.S. Attorney’s Office.
Between November 2020 and November 2022, Corsaro posed as an investment adviser and solicited funds from eight investors, securing a total of $1,712,469.32.
Rather than investing these funds as promised, he diverted them for personal use, depositing the money into his personal and business bank accounts.
Before authorities intervened, Corsaro managed to repay only $265,642.83 of the acquired funds. He now faces a potential 20-year prison term and a fine up to $250,000, with sentencing set for December 6.
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