Business frauds bring prison term for South Jersey man

PHILADELPHIA — A Mount Laurel man has received a 37-month prison term and an order to pay restitution of almost $550,000 for multiple frauds.

Michael Salerno, 55, allegedly duped hundreds of investors through two schemes, according to the U.S. Attorney's Office in Philadelphia. The office claimed Salerno initially defrauded people through businesses, including Black Diamond Forex and Advanta Capital Markets, that purportedly traded foreign currencies.

Salerno's victims paid advance fees, typically more than $1,000, in order to be hired by his firms, the federal prosecutor's office said in a statement.

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The office added that Salerno falsely told victims that, once hired, they could share in profits from an investment pool of $10 million.

Feds: Businessman's pose was phony

Salerno collected more than $300,000 in advance fees from September 2016 through December 2018 while posing as "a sophisticated and successful businessman," the statement said. But Salerno had declared bankruptcy twice and had been evicted from several homes for failing to pay rent.

The currency-trading scheme ended when Salerno came under federal investigation and a regulator obtained an injunction against Salerno and his businesses, the statement read.

"However, Salerno turned immediately to a second scheme," it said.

A new firm, AccuOne Financial Inc., targeted two groups of victims through at least December 2019. According to the prosecutor's office, one group was made up of people who thought they were getting rid of unwanted vehicle leases through Salerno's firm. The other victims thought they were getting auto leases despite poor credit.

The statement described AccuOne Financial as a "house-of-cards-style scheme" that netted hundreds of thousands of dollars for Salerno.

Salerno's customers who had expected to be free of their leases "either continued to make monthly lease payments for cars they no longer had or suffered substantial damage to their credit," the statement read. Clients who leased cars from AccuOne "often had them repossessed without warning."

Salerno was indicted in September 2020 on 23 counts of wire fraud and six counts of mail fraud.

He admitted guilt to three counts of wire fraud in February 2020, and had sought a 30-month prison term.

A defense filing in October 2023 said Salerno was a high school graduate who had experienced financial setbacks for much of his life. It also said he "is a hard worker and currently operates a radio station that employs 14 people."

Salerno was sentenced Aug. 26 in Philadelphia federal court.

Jim Walsh is a senior reporter with the Courier-Post, Burlington County Times and The Daily Journal. Email: Jwalsh@cpsj.com.

This article originally appeared on Cherry Hill Courier-Post: Business frauds bring prison term for South Jersey man