Two Florida men, Joseph Malvasio and Gregg Marcus, have been convicted of wire fraud and conspiracy to commit wire fraud for orchestrating an $18 million advance-fee scheme that defrauded hundreds of victims over several years.
U.S. Attorney Jay Clayton for the Southern District of New York announced the convictions, stating, “Joseph Malvasio and Gregg Marcus perpetrated an advance-fee scheme whose victims were defrauded into paying millions of dollars for loans the defendants never intended to make.” He added that victims needed these loans for property and businesses, but the defendants “simply charged upfront fees and pocketed their victims’ money—approximately $18 million.”
Operating primarily through Global Capital Partners Fund LLC (GCPF), and Malvasio also through Harbor Equity and Commercial Private Equity, the defendants falsely represented that they would provide funding for private commercial projects. Instead, from March 2017 to August 2023, they collected thousands of dollars in fees from each victim without ever intending to issue the promised loans.
Malvasio, 68, of Fort Lauderdale, Florida, and Bridgehampton, New York, and Marcus, 60, of Bay Harbor Islands, Florida, were found guilty after a two-week trial before U.S. District Judge Jesse M. Furman. Each faces a maximum sentence of 20 years in prison for each count, with Malvasio convicted of an additional wire fraud charge. Sentencing is scheduled for October 8, 2026.