Earlier this week, two sales team leaders from Max Infinity Management LLC and Elder Fund Management LLC pleaded guilty in federal court in Brooklyn to charges related to a multi-million dollar investment fraud scheme. Enrico Carini, also known as “Ed,” admitted to conspiracy to commit securities fraud and investment adviser fraud, while Caner Otar, also known as “John,” pleaded guilty to conspiracy to commit securities fraud.
The proceedings took place before United States District Judge Carol B. Amon. Carini faces up to 10 years in prison, restitution, and forfeiture of assets valued at more than $430,000, including several luxury watches. Otar could receive a maximum sentence of five years’ imprisonment, restitution, and $400,000 in forfeiture.
United States Attorney Joseph Nocella, Jr. for the Eastern District of New York and FBI Assistant Director in Charge Christopher G. Raia announced the guilty pleas.
“Protecting investors from fraudulent schemes is a core mission of our Office,” stated United States Attorney Nocella. “These defendants used a series of lies to entice unsuspecting investors, and to enrich themselves and their co-conspirators along the way. As demonstrated by these guilty pleas, our Office will uncover and vigorously prosecute fraudulent schemes that undermine the market for private securities.”
Nocella also thanked the Securities and Exchange Commission (SEC) for its cooperation during the investigation.
According to court filings and information presented during the plea hearing, Carini and Otar led sales teams at Max Infinity Management LLC and related funds based in New York City. The company claimed it invested in shares of privately held firms expected to go public through initial public offerings (IPOs), naming companies such as Stripe, Chime, Instacart, and Flexport among its targets.
“Carini, Otar, and others at Max Infinity swindled more than $60 million from investors to divert towards personal finances,” stated FBI Assistant Director in Charge Raia. “Along with other conspirators, these defendants actively manipulated their clients through rehearsed lies of reassurances and success to generate an unlawful investment stream. The FBI remains determined to protect the integrity of our city’s economic infrastructure and investors from fraudulent tactics.”
Investigators found that Carini and Otar made false statements about how they were compensated—telling investors they only profited if investments succeeded when they actually received commissions on every deal solicited. They also misrepresented that their company was registered with the SEC and falsely claimed prior successful IPO investments using prepared scripts for high-pressure sales calls.
Max Infinity ultimately raised over $60 million from investors using misleading promises.
Charges remain pending against co-defendants John Cangialosi of Manalapan, New Jersey; Peter Girgis of Staten Island; and Gene Sarabella (also known as “Jerry”) of Monroe, New Jersey. Their trial is scheduled for January 12, 2026; all are presumed innocent until proven guilty.
The prosecution is being handled by Assistant United States Attorneys Sarah M. Evans, Eric Silverberg, Lorena Michelen, Nicholas M. Axelrod with assistance from Paralegal Specialists Liam McNett and Timothy Migliaro.
Defendants Who Pleaded Guilty:
ENRICO CARINI (also known as “Ed”), Age: 40 – Staten Island, New York
CANER OTAR (also known as “John”), Age: 38 – Brooklyn, New York
Co-Defendants Awaiting Trial:
JOHN CANGIALOSI – Age: 44 – Manalapan, New Jersey
PETER GIRGIS – Age: 44 – Staten Island, New York
GENE SARABELLA (also known as “Jerry”) – Age: 37 – Monroe, New Jersey
E.D.N.Y. Docket No. 24-CR-363 (CBA)
