Red Bank, NJ: U.S. Attorney Philip R. Sellinger announced the sentencing of Mark Marchi, 55, of Red Bank for committing securities fraud to obtain over $2.8 million from victim investors.
Marchi was sentenced to 33 months in prison by Judge Cecchi who imposed the sentence on Jan. 4, 2023, in Newark federal court.
According to a press release by the United States Attorney, District of New Jersey, the following documents and statements were filed in this court case:
Marchi, who was previously barred from the securities industry, purported to provide investment adviser services to clients.
Beginning in December 2015, he managed and controlled Precipio Capital LLC, after previously managing and controlling a different investment company called Global Alliance Capital, LLC.
Through Global Alliance, Marchi solicited investments from multiple investors, and when he ceased operating Global Alliance, Marchi represented to those investors that he rolled over their accounts into Precipio. Marchi also solicited investors to invest directly into Precipio.**BULLSEYE
Instead of using the funds on legitimate investments, Marchi diverted approximately $2.8 million of those funds from victim investors for other purposes, including paying back previous Global Alliance investors and his own use.
Marchi made repeated misrepresentations to the victim investors, which included false claims about the status and performance of investments and false assurances to victims that their investments were...
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