A Coquino Beach, North Carolina man was sentenced to 90 months in prison for his role in an investment scheme that defrauded investors of $1.4 million, United States Attorney Paul J Fishman announced.
Michael Noreski, 55, formerly of Mantua, New Jersey, pleaded guilty before United States District Judge Renée Marie Bumb on June 6, 2011 to an information charging him with one count of wire fraud. Judge Bumb imposed the sentence today in Camden federal court.
According to documents filed in this case and statements made in court:
Noreski was the owner of 4 Solutions LLC, a Gibbsboro, New Jersey company that purported to facilitate short sale property transactions for distressed homeowners. Noreski admitted that in connection with this business, he defrauded 10 or more victims of more than $1,000,000.
Noreski, assisted by John Fikaris, 29, of Cherry Hill, New Jersey, used approximately $195,000 in forged checks taken from an incapacitated individual, without that individual’s guardian’s permission or knowledge, for 4 Solutions’s initial operating expenses and for Noreski’s personal expenses.
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North Carolina Man Sentenced to 90 Months in Prison for 14 Million Investment Fraud Scheme