Police: Brooklyn Man Swindles Shelter Island Residents

The following information was supplied by the Suffolk County District Attorney's Office. A criminal charge is only an accusation, and does not indicate convictions.

Joseph Casertano, 49, of Brooklyn pled not guilty on Tuesday to three felony counts of third-degree grand larceny and one count of first-degree scheming to defraud, after an investigation revealed that he had allegedly stole about $200,000 from several Shelter Island residents who thought Casertano would invest their money, police said.

According to an indictment from Suffolk County Criminal Court, from Aug. 1, 2009 through April 4 of this year, Casertano obtained money from the residents by making agreements that their investments would be used to purchase various stock options. But a joint investigation between Shelter Island Police and the Suffolk County District Attorney’s Office revealed that Casertano did not use the money to purchase stock, he allegedly used the funds to support his lifestyle, police said.

To date, the district attorney’s office has identified 12 victims of this defendant’s alleged scheme. Casertano was arraigned in county court on Tuesday. Cash bail set at $15,000 with a $100,000 bond alternative. The next court date is June 8.