Two Florida Men Convicted At Trial Of Orchestrating $18 Million Advance-Fee Scheme

United States Attorney for the Southern District of New York, Jay Clayton, announced today that JOSEPH MALVASIO, a/k/a "Joe Cohen," and GREGG MARCUS, a/k/a "Gregg Pierce," were convicted of wire fraud and conspiracy to commit wire fraud in connection with a years-long advance-fee scheme through which they defrauded hundreds of victims of at least approximately $18 million. MALVASIO and MARCUS were found guilty following a two-week trial before U.S. District Judge Jesse M. Furman.

"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," said U.S. Attorney Jay Clayton. "The victims needed these loans to buy property and build businesses. But the defendants simply charged upfront fees and pocketed their victims' money-approximately $18 million. This Office is committed to rooting out fraud and holding those responsible accountable."

According to the Indictment, statements made in public court proceedings and filings, and the evidence at trial:

From at least in or about March 2017 through at least in or about August 2023, MALVASIO and MARCUS operated an advance-fee scheme that defrauded hundreds of victims of approximately $18 million. MALVASIO and MARCUS operated this fraudulent scheme through their ownership and operation of a business called Global Capital Partners Fund LLC ("GCPF"). MALVASIO and MARCUS falsely represented that GCPF was a legitimate business that would provide loans to individuals who were interested in funding for private commercial projects. Instead, MALVASIO and MARCUS defrauded victims, collecting thousands of dollars in fees from each victim without intending to issue a loan. MALVASIO also committed the same scheme using two other entities, called Harbor Equity and Commercial Private Equity.

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MALVASIO, 68, of Fort Lauderdale, Florida, and Bridgehampton, New York, and MARCUS, 60, of Bay Harbor Islands, Florida, were each convicted of one count of wire fraud and one count of conspiracy to commit wire fraud, each of which carries a maximum sentence of 20 years in prison. MALVASIO was also convicted, separately, of a second count of wire fraud.

The maximum potential sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendants will be determined by the judge. Sentencing is scheduled for October 8, 2026.

Mr. Clayton praised the outstanding work of the Federal Bureau of Investigation.

This case is being handled by the Office's General Crimes Unit. Assistant U.S. Attorneys Georgia V. Kostopoulos, Patrick J. Gallagher, Adabelle U. Ekechukwu, Jaclyn Delligatti, Micah F. Fergenson, and Daniel G. Nessim are in charge of the prosecution, with assistance from Paralegal Specialists Saadhana Jakka and Myrnette Millington.