Woodbridge, Old Bridge Men Ran $6.7M Fraud Scam, AG Says

WOODBRIDGE, NJ — A man from Woodbridge and another from Old Bridge were indicted last Tuesday in an alleged $6.7 million investment fraud scheme, announced NJ Attorney General Matt Platkin.

The men are Wilfredo Topacio, 64, of Woodbridge, and Shahid Javed, 39, of Old Bridge.

They were indicted July 30 by a grand jury on charges of first-degree conspiracy, second-degree theft by deception, two counts of second-degree securities fraud, three counts of misconduct by a corporate official, three counts of second-degree impersonation and two counts of first-degree money laundering in connection with the alleged fraud scheme.

Attorney General Platkin says the two men created sham companies and false identities to deceive investors into believing they would receive large guaranteed returns for investing in various fuel products.

The AG says the two men wooed investors to invest with them so they could buy and sell fuel products. They told people who invested with them they would receive large profits and guaranteed returns. Instead, the two men diverted investor money for their own benefit, says the AG. The two used the investor money to purchase expensive vehicles, make payments to friends and family, paid off prior business debts and paid for other personal expenses.

The AG says the scheme began in or about March 2018 and continued through April 2023.

“These defendants allegedly worked together to orchestrate a multi-faceted investment-fraud scheme that took advantage of New Jersey investors for several years. The time has come for them to be held accountable," said Platkin.

The state says they are looking for more people who invested with these two. Anyone with information is asked to report the information via DCJ’s tip line at (800) 277-2427 or OSFFCP’s complaint email at OSFFCP@njdcj.org.

Javed is also charged in a separate count with second-degree passing a bad check to an investor during the alleged scheme.