Charges Brought Against Former Stockbroker
A former Voorheesville stockbroker has been arrested by New York State Police for his alleged fraudulent activities. Mark Casolo, 54, was arrested on felony grand larceny and forgery charges and was arraigned in Colonie Town Court on Thursday, October 7, 2010.
Mr. Casolo, who was arrested at his restaurant, the Tavern at Schroon Lake, was accused of forging a former client’s signature in two different transactions and wiring $25,000 to Escalation Capital Group, a company Mr. Casolo controls.
According to Colonie police Lt. Robert Winn, Mr. Casolo apparently owned Reid & Associates at the time the alleged fraud took place. Family member Michael Reid, who originally started the firm, has since re-purchased the company.
Mr. Casolo has a history of financial problems. In June, the state tax department seized the Nottingham Chop House & Pub, another Colonie restaurant with which he was associated.
In addition, reports indicate that a federal judge recently converted Mr. Casolo’s Chapter 13 bankruptcy to a Chapter 7 liquidation. This move stems from claims made by past clients against Mr. Casolo, which puts his home and other properties he owns in danger of seizure.
Authorities are continuing their investigation into Mr. Casolo’s apparent fraudulent activities as a broker.