Self Proclaimed Financial Concierge John Cucinella Pleads Guilty To Scamming Seniors Out Of Millions Of Dollars
Self proclaimed financial concierge John Cucinella pleaded guilty last week to fleecing senior citizens. Cucinella is the former investment manager of Mackrow Asset Management Group. Mackrow was a purported asset management firm located in Brooklyn. The company solicited senior citizens to invest in pre-IPO shares of private companies. However, the money went directly into Cucinella’s pockets.
The self proclaimed financial concierge pleaded guilty to securities fraud. Cucinella also agreed to forfeit $948,530 that he misappropriated from investors as part of the plea deal.
United States Attorney for the Eastern District of New York Richard P. Donoghue and FBI Assistant Director William F. Sweeney announced the guilty plea.
John Cucinella represented himself to investors as a ‘financial concierge’, but rather than serving the needs of elderly investors, he swindled them out of thousands of dollars and then spent the money on himself. The Department of Justice and this office are committed to prosecuting to the fullest extent of the law those who prey on vulnerable victims for their own selfish benefit.
Court filings show that from March 2015 through April 2018, Cucinella falsely represented to Mackrow investors that their funds would be used to invest in pre-IPO shares of private companies manufacturing bug spray. Cucinella also provided a world-class brochure to clients.
The self proclaimed financial concierge also described Mackrow as “providing you all the resources of a true financial concierge.”
Cucinella transferred more than $400,000 from the Mackrow account to bank accounts he controlled. He then spent approximately $108,000 for credit card payments and $40,000 at a Mercedes-Benz dealership in Brooklyn.
More than 80 individuals invested approximately $778,000 with Mackrow. They received only $80,818 in return.