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Michael “Mickey” Schlisser has been sentenced to seven years in state prison for wire fraud and ordered to repay nearly $1 million after soliciting investments from multiple people who believed he was using the money to purchase a number of companies.
Instead, it was determined that Schlisser was using the money for personal expenses, including paying off a car lease, rent, credit card bills, personal loans and tuition for his son, according to court records. Payments were also made to his ex-wife and current wife’s bakery.
Schlisser must surrender to prison before noon on Jan. 31. He was also ordered to make restitution of $966,767 and will spend three years on probation following his release from prison.
According to court documents, Schlisser first solicited about $900,000 between July and November 2012, depositing the money in a corporate account owned by a company named PBF Trading LLC.
Claiming that the investment would return between 10-12 percent monthly, Schlisser allegedly made interest payments to the investors that totaled about $165,000, according to court documents, which said that the early interest payment resulted in PBF Trading receiving an additional $303,000 from the investors around late 2012.
According to the criminal complaint, Schlisser claimed to have invested $500,000 of the $1.2 million, but, in reality, had invested just 10 percent of the fund.
By June 2013, he stopped making interest payments to several of the investors, according to court documents, which said that no investor received any payments after September of that year.
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