ORLANDO, Fla. — Two brothers and Orlando business owners pleaded guilty to defrauding customers of nearly $8 million.
The brothers, Salvatore Esposito and Joseph Esposito, pleaded guilty to one count of wire and mail fraud. They agreed to pay the victims back.
Prosecutors believe the brothers defrauded more than 120 victims, most of whom are elderly.
“The whole scheme, everything they had going on, (they) really became masters at it,” an investor said.
Investors said the company gave a good sales pitch and made them feel comfortable.
But federal prosecutors believe the brothers started misusing customers' money to buy a partial interest in silver.
When the price of silver dropped, they owed more money, started using customer money to cover losses and provided customers with false statements.
“When I found out in July all this was happening, it was a level of betrayal that I had never experienced before,” the investor said.
More than 120 customers are out nearly $8 million. When losses got too steep, the men turned themselves in.
If convicted, the brothers could face up to 20 years in prison.
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Cox Media Group
