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A Pomona man who beforehand spent years behind bars for securities fraud has been sentenced to seven years in jail and ordered to repay almost $1 million after admitting he misappropriated cash from a $1.2 million account to purchase and promote corporations for buyers.
Michael Schlisser, generally known as “Mickey,” was sentenced Wednesday on a wire fraud conviction from Sept. 12 for spending the buyers’ cash on himself and his household.
The illicit spending went to his bank card funds, checks to his spouse’s Challah Fairy bakery in New Metropolis, his son’s education and loans involving one other funding, in accordance with a criminal complaint.
U.S. District Court Judge Valerie Caproni’s sentence includes Schlisser make restitution of $966,767 and spend three years on supervised release after his 84-month prison term. He could serve 85 percent of the term, with time off for good behavior.
Schlisser must surrender for prison before 12 p.m. Jan. 31, according to court records. The records show the judge recommended the federal Bureau of Prisons assign Schlisser to a medical facility.
PREVIOUS: Federal complaint against Michael Schlisser
FEDS: Pomona man misspent funds from investors
The wire fraud complaint stated Schlisser devised a scheme to obtain $1.2 million and property by false and fraudulent pretenses from investors by interstate wires and other means, according to the complaint by the U.S. Attorney’s Office in White Plains and Manhattan.
Schlisser solicited an investor in July 2012, with Schlisser and investors paying 10 to 12 percent monthly interest in the profits, according to the complaint signed by FBI Special Agent Michael Savona.
The investor raised $900,000 toward the venture from July to November 2012, with the money put into a corporate business called PBF Trading LLC. The complaint states investors were paid $165,260 from the account, but Schlisser wrote checks to cash and used the money for himself and his family.
PLEA FORFEITURE: Michael Schlisser
JUDGEMENT: Michael Schlisser
The initial partner then raised about $303,000 from other investors that was loaned to TCF Investments LLC, the complaint said. Schlisser then used most of the money for purposes other than making investments, including cash withdrawals and repaying loans from unrelated investments, the complaint states.
By June 2013, many investors stopped receiving interest payments from Schlisser, the complaint states. When the initial investor approached Schlisser at his home, the investor claimed Schlisser had “nothing to say and slammed his front door,” the complaint stated.
Schlisser and defense attorney David Ascher could not be reached for comment on Friday.
The wire-fraud case is not Schlissler’s first run-in with the law.
A federal jury convicted Schlisser in 2004 in New York of one count of securities fraud and…