PHILADELPHIA, Pa. — A Burlington County, New Jersey man was sentenced to 37 months in federal prison for his involvement in two fraudulent business schemes that defrauded investors of approximately $550,000. Michael Salerno, 55, of Mount Laurel, New Jersey, was sentenced by U.S. District Court Judge Paul S. Diamond and was ordered to pay restitution totaling $549,835.
Salerno pleaded guilty in February 2023 to three counts of wire fraud after being indicted in September 2020. His fraudulent activities spanned from September 2016 to at least December 2019, during which he operated a series of businesses, including Black Diamond Forex, L.P., BDF Trading, L.P., Advanta Capital Markets, Inc., and Advanta FX, all of which falsely claimed to engage in foreign currency trading.
Salerno used a series of misrepresentations to lure victims into paying advance fees, often exceeding $1,000, with the promise that they would gain access to a $10 million trading pool and share in any profits. None of these claims were true. To maintain the facade, Salerno portrayed himself as a successful businessman, despite having previously declared bankruptcy twice and having been evicted multiple times for failing to pay rent. He also failed to disclose a prior federal conviction for tax fraud, for which he served 21 months in prison.
After the Commodity Futures Trading Commission obtained an injunction against Salerno in 2018, he immediately transitioned to a second fraudulent scheme. From May 2018 to December 2019, Salerno operated AccuOne Financial, Inc., which claimed to help clients exit unwanted automobile leases and offer leasing and credit repair services to those with poor credit. Instead, Salerno misused the vehicles from clients looking to exit their leases, failed to make lease payments, and then leased the vehicles to other clients under false pretenses. This scheme resulted in further financial losses for both sets of clients, with many facing ongoing lease payments for cars they no longer had or experiencing severe damage to their credit.
“Michael Salerno is a modern-day snake oil salesman,” said U.S. Attorney Jacqueline C. Romero. “Today’s sentence holds him accountable for the harm he’s caused and brings a measure of justice for his victims.”
Wayne A. Jacobs, Special Agent in Charge of the FBI Philadelphia Division, added, “Under the guise of a businessman, Salerno was truly a criminal, devising schemes built on manipulation and lies. The FBI will continue to rigorously pursue those who attempt to enrich themselves through fraudulent means.”
Salerno’s schemes collectively defrauded investors and clients of more than half a million dollars, and today’s sentence aims to provide justice for those affected by his fraudulent activities.
