Morris County Man Sentenced to 44 Months for Defrauding Investors

A Morris County man was sentenced to prison today for fraudulently obtaining $500,000 from investors in a phony investment scheme, authorities said.

Peter Lareau, 78, of Mountain Lakes, was sentenced to 44 months in prison after previously pleading guilty in 2014 to one count of wire fraud.

Between June 2008 and January 2010, Lareau created a number of entities and solicited investors using civic, religious and charitable organizations. Lareau falsely promised investors their money would be used for educational television programming and also promised greater-than-market returns, the United States Attorney’s Office said.

The Mountain Lakes man reportedly sent would-be investors prospectuses and other information regarding investment opportunities and then directed them to wire funds to his business in New Jersey from brokerage accounts in New York, the U.S. Attorney’s Office reported.

Lareau, however, used the funds for personal use, including groceries, tuition payments for his child, rent and club memberships.

In addition to the 44-month prison sentence, the 78-year-old was also sentenced to one year of supervised release and ordered to pay $533,000 in restitution.

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