| Long Island
Liquor Distributor Gets 24 Months For
Shark Tank Wine Fraud in EDNY
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- ESPN
FEDERAL
COURTHOUSE, Oct 9 – Joseph Falcone
was up for sentencing on
October 9 and Inner City Press
live tweeted it, here
and below.
In December 2012,
Falcone established 3G’S,
which was based in Bethpage
and Farmingdale, New York.
Among other products, 3G’S
distributed a single-serving
wine in a sealed glass, which
was featured on the television
program “Shark Tank.” Between
September 2014 and November
2015, Falcone solicited
investments and promised
potential investors that their
money would be used to fund
3G’S by purchasing the
single-serving wine product.
Relying on those promises,
investors wired money to bank
accounts in Florida controlled
by Falcone. Rather than invest
the money as promised, Falcone
used approximately $527,064
for his personal benefit –
paying off the mortgage on a
residence in Florida and
funding his online securities
trading.
The proceeding,
live tweeted here:
Judge
SANDRA FEUERSTEIN demands that
all media on the line identify
itself. Inner City Press
does...
Falcone's lawyer
says the judge is no B.S. so
he won't be either, all he can
hope for is lower end of
guidelines given the
devastating victims'
statement. "I've been a victim
too," he says.
Judge Feurstein:
Not of your client.
One last
note for now on the demand to
identify: while Inner City
Press has no problem doing it,
(1) it is not required in
person in courtrooms; (2)
several @SDNYLIVE
judge says, I don't monitor
who comes in or out of the
call, as I don't those in and
out court
Very short
defense lawyer statement. A
bit different between EDNY
and @SDNYLIVE , it
seems.
Judge Feuerstein:
Ain't that grand?
AUSA: Victims are
on the line to address the
court. Judge Feurstein: No,
we're not going to take victim
impact statements at 11th hour
AUSA: I
appreciate the defense
counsel's candor in advocating
for a guideline sentence. I
just want to emphasize that
this sentencing complies with
the CARES Act.
Judge Feuerstein:
I appreciate that.
Falcone: I am
very sorry. This will haunt me
to the end of my life.
Judge Feuerstein:
This is not the first fraud
I've seen. It's going to be a
guideline sentence. I notice
that Mr. Falcone was unable or
unwilling to cooperate with
the Probation Department...
Judge Feuerstein:
It will be 24 months... a fine
of $10,000, on top of
restitution [of $1.8 million
to seven of 3G’S
investors.] Defendant
shall provide full disclosure
of his financial records
including co-mingled income
and tax returns. No new
checking accounts without
approval of US Probation Dep't
Judge Feuerstein:
Self-surrender in 90 days.
Thank you very much.
Adjourned.
On line: loud
crying.
***
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