Co-Conspirator of Glen Rock Con Artist Gets 33 Months

A Garfield man who conspired in a Ponzi scheme crafted by Glen Rock resident George Sepero was sentenced Friday to 33 months in prison, U.S. Attorney Paul Fishman said.

Carmelo Provenzano, 31, previously pleaded guilty to charges of wire fraud and conspiracy for his role in a scam that bilked $3.5 million out of investors between 2009 and 2011.

The victims were told that through a secret computer algorithm, their money would see a 170 percent return on investments in foreign currency.

Instead, federal investigators found, he, Sepero and Daniel Dragan of Lebanon, NJ, used the money “to finance extravagant personal expenditures.”

Their lifestyle included monthly credit card bills averaging $25,000, bar tabs of $18,000 and excursions to a Hollywood nightclub valued at $14,000. The Ponzi scheme also funded Provenzano’s purchase of a luxury Range Sport SUV costing north of $71,000, Fishman said.

Sepero was sentenced last month to more than eight years in prison for his role orchestrating the scheme.

Dragan, who has also pleaded guilty to the fraud, is scheduled for sentencing in December, according to Fishman.

In addition to the prison term, Provenzano was ordered by Federal Judge Jerome Simandle to pay more than $4.5 million in restitution.