A Delaware woman was allegedly bilked out of $73,000 by a Mount Laurel
man who claimed to be a partner in WeCube LLC, which sells energy-efficient
refrigeration units. She apparently initially met the alleged fraudster
in a Las Vegas airport, and the New Jersey investment scheme was pitched
to her a month later.
John J. Papaneri, 37, contacted the woman offering an investment opportunity
in his WeCube LLC business for an initial $15,000. He allegedly promised
a return of the initial investment and an interest return of $3,000 within
three months. The Delaware woman took the bait and gave Papaneri $15,000
on March 5th, 2010. Within the span of just a few weeks, Papaneri allegedly
asked her for additional money and promised additional interest payments
in return. She invested an additional $58,000 within the first month.
Unfortunately, she has yet to receive the promised funds over a year later.
Reports from investigators show that Papaneri did not have the proper
licensing to sell securities, and his business WeCube LLC has not registered
any securities in Delaware. He was indicted on June 22nd and charged with
15 counts of securities fraud and theft.
New Jersey securities fraud attorneys with Meyer Wilson are dedicated to representing investors nationwide in
stockbroker arbitration, mediation, and litigation claims.