"In the television show 'Seinfeld,' the character George [Costanza] falsely claimed to have interviewed for a job with the fictional company Vandelay Industries," the office noted.
In the episode, the invariably hapless Costanza claims he was seeking a position as a latex salesman.
Prosecutors said Sfraga promised victims investment returns as high as 60% in three months, but in reality used the money for his own benefit "to pay expenses, and to pay earlier victims and business associates."
Sfraga, who lives in Brooklyn, pleaded guilty Thursday in Brooklyn federal court to wire fraud, prosecutors said.
He faces a maximum possible sentence of 20 years in prison, in addition to being ordered to pay restitution of more than $1.3 million.
Persons:
Thomas John Sfraga, George, Costanza, Sfraga
Organizations:
Vandelay Contracting Corp, Brooklyn U.S, Attorney's, Vandelay Industries, Prosecutors
Locations:
York, New York, Brooklyn