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The United States Attorney’s Office for the Middle District of Pennsylvania announced earlier this month the filing of criminal charges against Nicholas J. Polito, Jr., age 65, of Dunmore, Pennsylvania. The information alleges that between 2005 and November 16, 2011, Polito devised and executed a scheme to defraud PNC Bank and approximately eight customers in Lackawanna County, Pennsylvania, of approximately $536,000.
According to United States Attorney Peter J. Smith, Polito was allegedly an investment broker at PNC Bank in Scranton, until August 2010, and then held the position of senior financial advisor with another financial company. Allegedly, it was part of the scheme that:
Through this scheme, Polito allegedly defrauded PNC Bank and the customers, all of whom were greater than 65 years of age.
Polito is charged with one count of bank fraud, a charge that carries a potential maximum sentence of 30 years’ imprisonment, and $1,000,000 in fines, plus restitution.
From October 2005 through August 2010, Polito was registered with FINRA brokerage firm PNC Investments in Peckville, Pennsylvania. Thereafter, he moved his securities license to Invest Financial Corp. in Honesdale, Pennsylvania, where he was employed from November 2010 to November 2011. Under FINRA Rules, PNC and Invest Financial were obligated to properly supervise the activities of Polito during the time he was registered with these firms. Accordingly, these brokerage firms may be liable for failing to supervise Polito’s activities during his tenure at these firms, and could potentially be responsible for compensating investors who lost money investing with Polito.
If you are a former client of Polito and sustained losses, please contact KlaymanToskes at 888-997-9956 to explore your legal options.