Connecticut Businessman Sentenced to Four Years in Prison for Running $2 Million Financial Fraud Scheme

Nora R. Dannehy, United States Attorney for the District of Connecticut, announced that JOSEPH SORRENTINO, 65, of Stratford, was sentenced today by United States District Judge Christopher F. Droney in Hartford to 48 months of imprisonment, followed by three years of supervised release, for engaging in a scheme to steal advance fees from individuals who sought financing from him and his company, Kenlin Capital, Inc. On November 19, 2009, SORRENTINO pleaded guilty to one count of interstate transportation of money obtained by fraud.

According to court documents and statements made in court, for more than four years, SORRENTINO defrauded individuals 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 the individuals that he controlled a large family trust that had the ability to make multi-million-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 $2 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’s victims wire funds to him from locations outside Connecticut into a bank account he controlled in Connecticut.

Today, Judge Droney ordered SORRENTINO to pay to his victims restitution in the amount of $2,196,567. Judge Droney also prohibited SORRENTINO from accepting advance fees or investments from customers during his term of supervised release.

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