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Ex-fire chief sentenced for stealing $10M in Ponzi scheme

May 23, 2019

TRENTON, N.J. (AP) — A former municipal fire chief and investment manager is headed to prison for running Ponzi scheme that stole more than $10 million from his family, friends and fellow firefighters.

Vincent Falci was sentenced Wednesday to 15 years. He’ll also have to pay restitution and forfeit some money, but those amounts will be determined at a later date.

The 59-year-old Middletown man was convicted last December on three counts of wire fraud and a securities fraud charge. Federal prosecutors say he created and controlled investment funds that he claimed were “conservatively invested” in tax liens, but he was actually diverting the money to himself, his family and other companies he controlled.

Prosecutors say Falci concealed losses from investors, so they continued to give him money.

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