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Press Release

Ontario county man going to prison for bilking investors out of hundreds of thousands of dollars

For Immediate Release
U.S. Attorney's Office, Western District of New York

ROCHESTER, N.Y.-U.S. Attorney Trini E. Ross announced today that Thomas Corsaro, 60, of Bloomfield, NY, who was convicted of wire fraud, was sentenced to serve 48 months in prison by Chief U.S. District Judge Elizabeth A. Wolford. Corsaro was also ordered to pay $1,447,809.19 restitution.

Assistant U.S. Attorney Richard A. Resnick, who handled the case, stated that between November 2020, and November 2022, Corsaro, acting as an investment adviser, executed a scheme to defraud eight individual investors who invested funds with him. Rather than invest the funds, as he represented he would do, Corsaro used the funds for his own personal use, depositing the funds into personal and business bank accounts. In total, Corsaro received $1,712,469.32 from the eight investors. He repaid $265,642.83 prior to the criminal investigation.

The sentencing is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.

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Barbara Burns


Updated December 12, 2023

Financial Fraud