New Jersey Scrap Metal Firm Honcho Sentenced in 17-Year Fraud Scheme - NBC New York

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New Jersey Scrap Metal Firm Honcho Sentenced in 17-Year Fraud Scheme

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    New Jersey Scrap Metal Firm Honcho Sentenced in 17-Year Fraud Scheme

    What to Know

    • A former senior vice president of a scrap metal recycling firm is headed to prison for his role in a 17-year conspiracy

    • The scheme defrauded customers out of millions of dollars, prosecutors said

    • Michael Valenti III received a 30-month sentence Monday and will have to pay restitution, though that amount hasn't been determined

    A former senior vice president of a scrap metal recycling firm is headed to prison for his role in a 17-year conspiracy that defrauded customers out of millions of dollars.

    Michael Valenti III received a 30-month sentence Monday and will have to pay restitution, though that amount hasn't been determined. The 45-year-old Hasbrouck Heights resident had pleaded guilty to conspiracy to commit wire fraud.

    Valenti was a senior vice president of sales at Secaucus-based Cinelli Iron & Metal Co., which operated three scrap metal recycling facilities in New Jersey.

    Federal prosecutors say Valenti and others with the firm used a variety of fraudulent business practices to buy scrap metal from customers for less than what the company should have paid. The firm then resold the scrap metal at a profit.

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