Investment broker accused of stealing $2.2 million from clients - NEWS10 ABC: Albany, New York News, Weather, Sports

Investment broker accused of stealing $2.2 million from clients


ALBANY, N.Y. - A Voorheesville man was arraigned on 16 felony counts of grand larceny in Albany County Court on Wednesday for allegedly stealing $2.2 million while working as an investment broker.

Albany County District Attorney says that between 2006 and 2009, 55-year-old Mark Casolo stole more than $2.2 million from 16 victims by means of fraudulent and unauthorized transactions from the victims' financial accounts.

Casolo, a former employee with McGinn, Smith & Co., acted as an investment broker for multiple clients who believed were investing in legitimate ventures. It is alleged that instead, Casolo used the money for personal gain, including cash deposits to personal accounts, credit card bills, travel, entertainment, and other personal expenses.

He is charged with six counts of Grand Larceny 2nd-degree and ten counts of Grand Larceny 3rd-degree.

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