Dunmore Man Charged with Ripping Off Older Investors
Federal Investigators believe over a period of six years a former investment broker at PNC Bank in Lackawanna County defrauded the bank and several customers out of more than a half-million dollars.
All of the customers were over 65.
Officials at PNC`s regional headquarters in Scranton had no comment on former investment broker Nicholas Polito, or what the feds said he did to approximately eight of the firm’s older investors.
The U.S. Attorney`s office said that between 2005 and 2011, Polito cheated these investors out of roughly $536,000.
In a news release, the U.S. Attorney`s office claimed the scheme worked like this: Polito forged investors names on checks, and deposited them into his personal investment account.
Feds said he also fraudulently transferred clients’ funds to his investment account. Then he transferred the stolen money from that investment account to his personal account.
We went to Polito`s home in Dunmore seeking comment, but no one answered the door.
Off camera, neighbors in Dunmore called the news jolting. One called Polito quote, “the ultimate family man.”
A law enforcement source said the bank fraud investigation into Polito`s activity went on for quite some time.
According to the U.S. attorney`s office, the feds and Polito have already reached a plea deal.