Feds charge man with running $3M olive oil investment scam

NEWARK, N.J. (AP) - Authorities say a New Jersey man falsely claimed he received lucrative olive oil contracts to defraud two victims out of more than $3 million.

Federal prosecutors say Antonio Fasolino, of Jersey City, was arrested Tuesday on wire fraud charges.

They say he claimed two retailers agreed to purchase oil from his company and used those claims to get two victims to loan him about $3.4 million in 2012.

Investigators say Fasolino used the money to pay for a car, mortgage payments, a wedding and college tuition.

Fasolino has been released on $250,000 unsecured bond and ordered not to have contact with victims or witnesses. His attorney didn't return a call seeking comment.

The charge carries a potential 20-year prison sentence.

Prosecutors say Fasolino previously was convicted three times on fraud charges.