FBI Arrests Boro Park Man For Alleged Stock Fraud

21st Ave 57 St: Photo: Shimon Gifter

Brooklyn    FBI agents raided a Brooklyn house Monday morning in a surprise raid taking a few boxes according to witnesses and taking one man into custody for stock fraud.

According to the Daily News, Giacomo (Jack) Illare was the man busted by the feds for a pump and dump stock scheme at his Borough Park home at 21st. Ave. and 57th St.

Federal prosecutors allege in court records that Illare was caught in another stock scam with several other people in 1988. He was barred from the business as part of a settlement with the Security and Exchange Commission.

In 1996, he allegedly got involved with the same crew in a company called Net Tel.


Illare was awaiting arraignment in federal court Monday.

Neighbor Avi F. told GifterInGotham and the Daily News he was surprised as Illare was hauled away by agents, calling him “a very friendly and nice gentleman.”

A local Jewish real estate agent was also puzzled by the operation.

Tables, chairs, and sofas were left outside the house. neighbors claim the house was in the process of being sold.

“I know what happened but can’t tell you,” a real estate broker told GifterInGotham.

21st Ave 57 St: Photo: Shimon Gifter
Photo: Shimon Gifter

More info: https://nydn.us/2wlW7z0


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