Feds charge man with running $3M olive oil investment scam

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Authorities say a New Jersey man falsely claimed he received lucrative olive oil contracts to defraud two victims out of more than $3 million.

Federal prosecutors said that Antonio Fasolino, of Jersey City, was arrested Tuesday on wire fraud charges.

They say he claimed two retailers had agreed to purchase olive oil from his company and that it had $33 million in inventory. They say he used those false claim to get two victims to loan him about $3.4 million in 2012.

Investigators say Fasolino used the money to pay for a car, mortgage payments, a wedding and college tuition.

Fasolino is set to appear in front of a federal judge Tuesday afternoon. It's unclear if he has an attorney who could comment on the accusations.

The charge carries a potential 20-year prison sentence.