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OFFICE OF THE UNITED STATES ATTORNEY
NORTHERN DISTRICT OF WEST VIRGINIA

Betsy C. Jividen
Acting UNITED STATES ATTORNEY


1125 Chapline Street, Federal Building, Suite 3000 ● Wheeling, WV 26003
(304) 234-0100 ● Contact: Fawn E. Thomas, Public Affairs Specialist

 

 

September 30, 2009
FOR IMMEDIATE RELEASE

Fairmont Resident Entered Guilty Plea to Wire Fraud

CLARKSBURG, WEST VIRGINIA — A 42 year old Fairmont, West Virginia, resident entered a plea of guilty on September 23, 2009, in United States District Court in Clarksburg before Magistrate Judge John S. Kaull.

Acting United States Attorney Betsy C. Jividen announced that SHAWN CASUCCIO entered a plea of guilty to a one-count Information charging him with wire fraud. Specifically, CASUCCIO conducted a Ponzi scheme from April 2004 to September 2008 in which he convinced six individuals to invest $761,122 in fraudulent loan agreements that guaranteed an unusually high fixed rate of return over a short period of time. As part of the scheme, CASUCCIO made numerous misrepresentations to the victims concerning, among other things, the nature of the purported investment, the risk of investing, and the use of the victims’ funds.

CASUCCIO, who is currently free on bond pending sentencing, faces a maximum penalty of 20 years imprisonment and a fine of $250,000.

The case was prosecuted by Assistant United States Attorney Andrew R. Cogar. The case was investigated by the Federal Bureau of Investigation.

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