Former Shore Resident Sentenced In $4.7M Scheme

TRENTON, N.J. – A Florida man who previously resided in New Jersey was sentenced to 72 months’ imprisonment for defrauding approximately 33 victims out of more than $4.7 million through an “upfront-fee” scheme that spanned nearly a decade, U.S. Attorney Alina Habba announced.

John Sabo, 71, formerly of Spring Lake, New Jersey, previously pleaded guilty before U.S. District Judge Michael A. Shipp to an information charging him with one count of wire fraud.

According to documents filed in the case and statements made in court:

From in or around November 2014 through at least in or around August 2023, Sabo fraudulently induced his multiple victims to collectively pay millions of dollars in “up-front” or advance fees to his company, Bankers…