Millburn Man Arrested for Stock Fraud

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William C. Martucci, 69, of Millburn was arrested today and charged with 2nd degree Theft by Deception and 2nd Degree Financial Facilitation, announced acting Essex County Prosecutor Carolyn A. Murray.

According to a release issued by Murray’s office:

It is alleged that between 2004 and 2007, Martucci induced a California man to invest $100,000 in fraudulent stock.  Martucci removed the $100,000 from the account within a week of the transfer. When the victim questioned the initial stock, Martucci issued fraudulent replacement stock in the name of AAMPRO, Inc.

It was discovered that in issuing stock for AAMPRO, Inc., Martucci was posing as the president of the company while he in fact held no position and had no authority to issue stock. When the stock transfer agent learned that he had not been dealing with the president of AAMPRO, Inc., but someone merely posing as the president, he informed the Securities and Exchange Commission of the fraud in July, 2007. The SEC suspended trading of AAMPRO stock immediately.

Given the large number of investors in AAMPRO, Inc. from across the U.S., we suspect that a great many people have been defrauded in this matter. Anyone with information is urged to contact the Essex County Prosecutor’s Office, Financial Crimes Unit at 973-266-7220,’’ said Assistant Prosecutor Robert Grady, who is handling the case.

If convicted of the charges, Martucci faces up to 20 years in New Jersey State prison. These are accusations. All defendants are presumed to be innocent unless and until they plead guilty or are found guilty beyond a reasonable doubt in a court of law.

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2 COMMENTS

  1. These events are reported as occurring between 2004 and 2007. It is now 2012.

    So why is this, uh, “news” today?

Comments are closed.