Millburn Man Arrested on Stock Fraud Charges

A 69-year-old Millburn man was arrested today on stock fraud charges, according to officials at the Essex County Prosecutor’s Office. 

William C. Martucci was charged with second-degree theft by deception and second-degree financial facilitation after he allegedly convinced a California man to invest $100,000 in fraudulent AAMPRO, Inc. stock between 2004 and 2007. 

Martucci removed the money from the account within a week of the transfer but had no authority to issue AAMPRO stock, officials said. When the California man raised questions about the stock, Martucci allegedly issued fraudulent AAMPRO, Inc. replacement stock.

Martucci was allegedly posing as AAMPRO’s president, official said, but held no authority to issue stock. 

An alert stock transfer agent is credited with discovering Martucci’s scam in July 2007 and informing the Securities and Exchange Commission. 

The SEC then suspended trading of the stock immediately.

“Given the large number of investors in AAMPRO, Inc. from across the U.S., we suspect that a great many people have been defrauded in this matter," said Assistant Prosecutor Robert Grady, who will prosecute the case.

Grady urged anyone with information to contact the Essex County Prosecutor’s Office, Financial Crimes Unit at (973) 266-7220.

If convicted of the charges, Martucci could face up to 20 years in prison.