NEW YORK, NY — A New York man pleaded guilty to running a 14-year investment fraud scheme in which he stole more than $5 million from close friends and family members, federal prosecutors announced.
Joseph D’Ambrosio, operator of a private investment vehicle called Hereford Holdings, entered a guilty plea Tuesday before U.S. District Judge P. Kevin Castel to one count of wire fraud. The charge stems from a scheme that spanned from 2010 through December 2024.
According to the U.S. Attorney for the Southern District of New York, Jay Clayton, D’Ambrosio told investors he was placing their money in legitimate securities and private funds he managed as chief investment officer. In reality, the funds were misappropriated for his personal use…