A New York man has pleaded guilty to running a 14-year investment fraud scam in which he stole more than $5 million from close friends and family members, federal officials said.
Joseph D’Ambrosio, the operator of Hereford Holdings, pleaded guilty to one count of wire fraud before US District Judge P. Kevin Castel on Tuesday. The charge relates to a strategy that ran from 2010 to December 2024.
According to Jay Clayton, the United States Attorney for the Southern District of New York, D’Ambrosio informed investors that he was investing their money in genuine securities and private funds that he managed as chief investment officer. In truth, the funds were plundered for his personal benefit.
“Joseph D’Ambrosio stole more than $5 million from his friends and family and hid this fraud until the money ran out,” Clayton said.
According to federal authorities, D’Ambrosio provided investors with falsified investment performance statements and counterfeit tax forms that showed fictitious profits. D’Ambrosio used fresh investor funds to reimburse previous investors in a Ponzi-style scheme when they made withdrawal requests. The scam failed in December 2024, when D’Ambrosio was unable to satisfy redemption requests and confessed.
“For years, D’Ambrosio, using deceptive tactics, allegedly stole from people who trusted him all in the name of greed,” stated Edward Gallashaw, Acting Inspector in Charge of the USPS New York Division.
Sentencing has not yet been scheduled. D’Ambrosio is still free on bond pending additional court hearings.
