STATEN ISLAND, N.Y. — A Staten Island man and other sales team leaders from a New York City investment firm have pleaded guilty to conspiracy charges in federal court for orchestrating a multi-million-dollar fraud scheme targeting investors interested in pre-IPO stocks.
Enrico “Ed” Carini, 40, of Pleasant Plains, and Caner “John” Otar, 38, of Brooklyn, entered their pleas before U.S. District Judge Carol B. Amon in Brooklyn federal court Tuesday.
Carini pleaded guilty to conspiracy to commit securities fraud and investment adviser fraud, while Otar pleaded guilty to conspiracy to commit securities fraud.
Prosecutors say the defendants, who worked for Max Infinity Management LLC and Elder Fund Management LLC, misled investors by falsely claiming to trade stocks in companies preparing for