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Bergen prosecutor’s detectives charge Brooklyn man in ‘Madoff-like’ fraud

Photo Credit: Bergen Prosecutor

YOU READ IT HERE FIRST: Detectives from the Bergen County Prosecutor’s Office White Collar Crime Unit have arrested a former investment company solicitor on charges of bilking an investor of more than $200,000 that he used for himself.

Vincent Posa (MUGSHOT: Bergen Prosecutor)
ONLY ON CLIFFVIEW PILOT: Vincent Posa was in the Bergen County Jail after a family brawl that left his 66-year-old mother with a broken arm when his sister asked a police detective what she should do with $1,000 in cash belonging to the unemployed crack addict that she found in their Hackensack apartment. READ MORE….

“He pulled a Madoff,” a law enforcement official with knowledge of the case told CLIFFVIEW PILOT this afternoon.

“He produced phony documents that made it look like the investor was making a lot of money. When that happens, some people don’t ask any questions until it’s too late.”

Bergen County Prosecutor John L. Molinelli said Vincent Posa “called a former contact in Illinois and portrayed himself as a licensed stock broker to obtain investment money.”

Posa then “arranged for money to be sent to him or a third party,” the prosecutor said.

He then “provided fraudulent statements and account numbers to the investor over a four-year period indicating an investment value of more than $629,000,” Molinelli said.

During that period, Posa, “routintely received checks for the purpose of investing in the fictitious fund and used the money for his personal use.”

Molinelli’s detectives arrested Posa yesterday, after which he was brought into Central Municipal Court for a first appearance.

Posa, who is single and unemployed, is being held on $175,000 bail in the Bergen County Jail.

The prosecutor noted that the investigation is continuing.

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