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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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