NJ man accused of running pizzeria scam

July 13, 2012 2:41:52 PM PDT
Federal prosecutors say a New Jersey man bilked an investor out of $1.2 million in a phony pizzeria scheme.

Authorities say 56-year-old Giovanni Arena of Laurel Springs spent the cash on a Maserati, a Camaro and at Atlantic City casinos.

U.S. Attorney for New Jersey Paul Fishman says between 2004 and 2008, Arena enticed the victim to send money to invest in the purchase of a pizza shop. Arena had operated pizzerias in the past.

Arena is charged with mail fraud, money laundering, failing to file income tax returns and witness tampering.