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learnedly read, too; in part, of intellectual rigor
Posted Friday, July 2, 2010
Michael J. Muzio was sentenced Wednesday to 13.5 years for his role in a Ponzi
scheme that targeted South Florida’s Haitian-American community.
|Crook gets 13.5 years for
stealing more than $14 million
The 46-year-old Tampa man was found guilty in February of one count of
conspiring to commit wire fraud, two counts of substantive wire fraud, six
counts of securities fraud, and two counts of lying to the Securities and
Exchange Commission and Federal Bureau of Investigation.
Muzio, along with three others - Abner Alabre, 33, of Miramar; Brian Taglieri,
39, of Jupiter; and Ronnie Eugene Bass Jr., 37, of Miramar - were charged in
October in connection with a scheme to defraud more than 600 investors
throughout South Florida and New Jersey out of more than $14 million.
Muzio solicited investors to buy stock in International Business Ventures Group,
a public shell corporation with no assets and virtually no business activities,
according to a news release from the U.S. attorney for the Southern District of
He also issued misleading press releases claiming that International Business
Ventures Group had deals to provide and offer prepaid debit cards in Haiti;
prepaid calling cards targeting customers in Haiti; and that the company had
exclusive rights to market prepaid electric meters in Haiti.
Investors were offered the chance to purchase free-trading shares of stock, but
then received certificates for restricted shares, which could not be traded and
proved to be worthless.
The court will set a hearing within the next 90 days to determine restitution.
© 2010 American City Business Journals, Inc.
|Wehaitians.com, the scholarly journal of
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