New Jersey Investment Scheme Results in Big Losses for 62-year-old Delaware Woman
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.
The New Jersey securities fraud attorneys with Meyer Wilson are dedicated to representing investors nationwide in stockbroker arbitration, mediation, and litigation claims.