N.J. man charged in investment scam

    Sometimes, you don’t get what you pay for.

    When investors gave 56-year-old Giovanni Arena $1.2 million, they thought they’d be buying a slice of a pizza parlor. But according to Philly.com, the Laurel Springs man allegedly gambled in Atlantic City and purchased a Maserati, instead.

    He was arraigned on 35 charges including “defrauding the victim, laundering the money, and failing to report it to the IRS, mail fraud and witness tampering.”

    If convicted he could face upwards of 20 years in prison and over $1.1 million in fines.

     

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