Businessman charged with bilking investors out of $2.2M
ALBANY A Voorheesville businessman has been indicted on charges he defrauded investors out of more than $2 million.
The Albany County District Attorney’s Office said Mark Casolo, 55, was indicted on six counts of second-degree grand larceny.
He is accused of taking about $2.2 million from 16 victims by means of fraudulent and unauthorized transactions from their financial accounts, officials said.
Casolo is a former employee at McGinn, Smith & Co., which itself is at the center of a federal fraud prosecution. Officials say Casolo acted as an investment broker for multiple clients who believed they were investing in legitimate ventures.
He is accused of taking the money and using it for personal gain, including cash deposits to personal accounts, credit card bills, travel, entertainment and other personal expenses.