A disbarred West Harrison attorney was indicted by a federal grand jury in New Jersey on accusations he defrauded 15 people out of more than $3 million through a real estate scheme.
Pasquale Stiso, 52, was charged with one count of conspiracy to commit wire fraud and one count of wire fraud.
Stiso, along with Paul Mancuso, of Glen Rock, N.J., are accused of fraudulently obtaining financing for projects that did not exist or in which they had no actual involvement. According to an FBI press release, some of the purported projects touted by Mancuso, Stiso and other conspirators included the development of a pizzeria at a resort in the Bahamas, a casino in Atlantic City, N.J., and a commercial shopping center, and the “flipping” of a piece of real estate in Matawan, N.J. They are also accused of soliciting investments in a phony ticket scam.
Instead of funding the purported projects, the FBI said, Mancuso and Stiso used the money for personal expenses and financing their involvement in illegal gambling pursuits.
Stiso, also known as “Pat,” was disbarred in 1999 following a federal conviction on two counts of obstruction of justice and one count of conspiracy to distribute heroin. In his plea agreement, he admitted to being “house counsel” for a heroin distribution ring, an admission that was cited by the New York Supreme Court’s First Appellate Department in a unanimous decision to revoke his law license. He was later sentenced to seven years in prison by U.S. District Judge Denny Chin on those charges.
The charge of wire fraud conspiracy and the count of wire fraud each carry a maximum penalty of 20 years in prison and a maximum fine of $250,000 or twice the gross gain or loss associated with the offense, whichever is greater. The indictment also includes a notice of forfeiture of $3,425,750, representing the fraudulent payments Mancuso and Stiso allegedly received from the scheme.
