Joseph Falcone, 60, formerly operated the 3G’s VINO LLC, a wine and liquor distributor based in Bethpage and Farmingdale, New York. Among other products, 3G’s distributed a single-serving wine in a sealed glass, which had previously been featured on an episode of the reality pitch show “Shark Tank,” according to a federal information.

Between September 2014 and November 2015, Falcone solicited investments and promised potential investors that their money would be used to fund 3G’s by purchasing the single-serving wine product, according to prosecutors.

Instead, Falcone used about $527,000 of those investments for his personal benefit, including to pay off the mortgage on a Florida residence and to fund his online securities trading, according to prosecutors.

“Falcone’s victims were reeled in by his ‘Shark Tank’ pitch, but with today’s sentence, the defendant is now squarely on the hook for his crimes,” said Seth D. DuCharme, acting US attorney for the Eastern District of New York. “This Office remains committed to prosecuting those who mislead the public and abuse the trust placed in them to engage in fraud against their own investors.”

Shark Tank host loses $400,000 in a scam

Falcone pleaded guilty to one count of wire fraud in June 2019. He was also ordered to pay $1.8 million in restitution to seven 3G’s investors.

In a sentencing memorandum, Falcone wrote a letter to the judge admitting to the fraud and apologizing for using business funds for his personal use.

“I took investors’ money for the purpose of investing it into a start up wine business. Then, I wound up co-mingling funds with personal funds, and using some of the investors’ money for my own ends. As the business grew, so did the expenses, and I wound up not being able to pay all of the investors back,” he wrote.

“I was wrong to do this. For this,

Convicted insurance executive Greg Lindberg has been ordered to report to federal prison on Oct. 20 to begin serving a sentence of more than seven years for attempted bribery of North Carolina’s elected insurance commissioner, according to a court filing.

Mr. Lindberg disclosed the date in a filing Wednesday that asked a federal judge to delay his imprisonment so he can more easily consult with his attorneys on an appeal of his conviction, and because of concerns about contracting Covid-19, the disease caused by the novel coronavirus, in prison.

Federal prosecutors previously have raised concerns that Mr. Lindberg could flee the country before his imprisonment.

“He has no ties to anyplace,” a federal prosecutor said at Mr. Lindberg’s August sentencing hearing, arguing that the defendant has access to bank accounts in 18 foreign countries and no permanent address. He also has a private jet and yacht that could allow him to flee to any of those locations, the prosecutor argued.

An attorney for Mr. Lindberg at that hearing replied that the defendant’s overseas accounts were connected to his business ventures, he had complied with all bail conditions and was wearing an ankle bracelet. There was no evidence he would flee, his attorney said.

U.S. District Judge Max O. Cogburn Jr. said at the August hearing that he would allow Mr. Lindberg to remain out on bail and could delay incarceration depending on the Covid-19 situation.

Mr. Lindberg is a self-proclaimed billionaire who bought a string of small insurers starting in 2014 and loaned $2 billion of their assets to his own enterprises. He was convicted in March on two criminal counts related to a scheme to bribe the insurance commissioner to obtain more favorable regulatory treatment for his insurers.

In the new filing, Mr. Lindberg’s attorney said the Federal Bureau

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