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01/26/2025
California Man Sentenced To 87 Months For Role In $50 Million Wire And Securities Fraud Scheme
United States Attorney's Office District of New Jersey
NEWARK, N.J. – A California man was sentenced on Tuesday, January 21, 2025, to 87 months in prison by U.S. District Court Judge Esther Salas for his role in a $50 million internet-enabled fraud scheme, Acting U.S. Attorney Vikas Khanna announced.
Allen Giltman, 59, of Irvine, California, previously pleaded guilty in Newark federal court to a two-count Information charging him with conspiracy to commit wire fraud and conspiracy to commit securities fraud.
According to the documents filed in this case and statements made in court:
Between 2012 and October 2020, Giltman and others engaged in an internet-based financial fraud scheme, which generally involved the creation of fraudulent websites to solicit funds from investors. At times, the fraudulent websites were designed to closely resemble websites being operated by actual, well-known, and publicly reputable financial institutions; at other times, the fraudulent websites were designed to resemble legitimate-seeming financial institutions that did not exist.
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