Stratford, CT businessman sentenced for $2 million fraud
April 13th, 2010 - 12:22 am ICT by BNO NewsHARTFORD, CONNECTICUT (BNO NEWS) – A Stratford, Connecticut businessman was sentenced to 4 years in prison and three years of supervised release for engaging in a scheme to steal advance fees from individuals who sought financing from him and his company Kenlin Capital Inc., prosecutors announced on Monday.
Joseph Sorrentino, 65, executed a financial fraud scheme for over four years. Sorrentino used his corporate entities Kenlin Capital, Kenlin Capital, Inc., Kenlin Capital, LLC or Kenlin International, Inc., to defraud various individuals.
Sorrentino represented to the individuals that he controlled a large family trust that had the ability to make multimillion dollar loans. However, the defendant never had such family trust and didn’t have access to such funds.
The defendant falsely represented that Kenlin had an office in Stratford when in reality it was a mail box located within a commercial mail facility. Sorrentino also used a website where he claimed to have participated in lending money to various businesses when he did not make loans to any of these businesses.
From 2004 to 2009, Sorrentino collected more than $2 million in “advance fees” from multiple victims by falsely representing that he maintained a family trust of over $200 million. None of the victims received any promised money. He was ordered to pay $2,196,567 in restitution.
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