Connecticut Businessman Pleads Guilty to Stealing More Than $1 Million of Advance Fees

Nora R. Dannehy, United States Attorney for the District of Connecticut, announced that JOSEPH SORRENTINO, 64, of Stratford pleaded guilty today before United States District Judge Christopher Droney in Hartford to one count of interstate transportation of money obtained by fraud. The charge stems from SORRENTINO’s scheme to steal advance fees from victims who sought financing from him and his company Kenlin Capital, Inc.

According to court documents and statements made in court, for more than four years, SORRENTINO engaged in a scheme to take money by fraud for his own personal benefit from persons who sought financing from SORRENTINO and/or his corporate entities Kenlin Capital; Kenlin Capital, Inc; Kenlin Capital, LLC or Kenlin International, Inc. SORRENTINO represented to numerous individuals that he controlled a large family trust that had the ability to make multimillion dollar loans. However, SORRENTINO did not control a large family trust and never had access to the funds that he promised to loan. SORRENTINO also falsely represented that Kenlin had an office at 7365 Main Street, Suite 322,  in Stratford, which actually was a mail box located within a commercial mail facility. SORRENTINO used a website to attract borrowers that falsely represented that SORRENTINO had participated in lending money to various businesses when, in fact, he did not make loans to any of these businesses.

From approximately 2004 to 2009,  SORRENTINO collected more than $1 million in “advance fees” from multiple victims by falsely representing to these victims that he maintained a family trust in excess of $200 million and that the trust would lend money to these victims. Although SORRENTINO accepted these advance fees, none of the victims who provided the fees received the financing promised by SORRENTINO. SORRENTINO caused victims to wire funds to him from locations outside Connecticut into a bank account he controlled in Connecticut.

“A businessman who fraudulently steals advance fees from victims for his own personal benefit destroys the confidence and trust of everyone who seeks to obtain financing for business or personal reasons,” U.S. Attorney Dannehy stated.

Judge Droney has scheduled sentencing for February 5, 2010, at which time SORRENTINO faces a maximum term of imprisonment of 10 years and a maximum fine of more than $2 million. SORRENTINO also will be ordered to pay full restitution to his victims.

This matter was investigated by the Federal Bureau of Investigation. The case is being prosecuted by Senior Litigation Counsel Richard J. Schechter.