United States Attorney Laura E. Duffy announced that today United States District Court Judge Michael M. Anello sentenced Steven Bartko to serve 24 months in custody for his role in a Ponzi scheme that defrauded investors of over $5 million. Bartko was also ordered to pay $5,362,765 in restitution and was ordered to serve three years’ supervised release.
According to court documents, Bartko pled guilty on September 8, 2011 to a criminal information charging him with mail fraud and filing false income tax returns. According to court records and admissions in the plea agreement, Bartko, through his entity Starfire Technologies, operated a Ponzi scheme and induced investors to send money to Starfire by falsely representing that Starfire was in the business of providing circuit boards and other electronic parts to government contractors. In addition, Bartko promised monthly returns to investors ranging from 5 percent to 8 percent; falsely represented that Starfire was making in excess of 20 percent returns within 60 days on electronic parts that he supplied to government contractors; issued false account statements to investors indicating that they were routinely earning substantial positive returns; and created false invoices indicating that Starfire had deals with major government contractors.
Bartko also admitted that he defrauded the United States by filing fraudulent tax returns resulting in over $123,000 in tax loss.
U.S. Attorney Duffy emphasized that financial fraud prosecutions remain an important priority for the Department of Justice. She stated that “the court’s sentence and the significant restitution penalty will help bring justice and a sense of closure to the defendant’s victims.”
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Report Securities Fraud by Calling 1-888-482-6825 or by visiting
www.reportsecuritiesfraud.net
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