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Bayonne business owner arrested in $3.4M investment fraud scheme

A Jersey City man who owns a Bayonne business was arrested yesterday on charges he defrauded investors of $3.4 million, U.S. Attorney Paul J. Fishman announced.

Antonio Fasolino, 59, owned several companies purportedly involved in the manufacture, sale and distribution of pasta, tomato sauce, olive oil and other food products, a criminal complaint stated.

Yesterday morning, the FBI visited the office of one of Fasolino's companies at 698 Kennedy Blvd. in Bayonne, the FBI confirmed. However, the federal agency said Fasolino wasn't arrested at that location.

A neighbor who declined to be named said he saw about 10 men, several of them armed with guns, at around 7:45 a.m. outside the business.

According to the company's website, Fasolino Foods Co. Inc. is affiliated with Euro-American Foods Group Co. Inc., which is headquartered in Secaucus and has an office at 698 Kennedy Blvd.

In 2012, Fasolino obtained more than $3.4 million from two victims by falsely representing that his companies had been awarded lucrative contracts to sell olive oil, according to the complaint.

Janesville area becoming seller's market for homes

JANESVILLE—When it comes to home sales, a term that has not been thrown around much in Rock County over the last decade is "seller's market."

But if sale trends continue, it could become the buzz phrase for the local housing market this summer.

"'Seller's market' describes what's happening better than about anything else right now," said Julie Raese, a Realtor for Century 21 Affiliated in Janesville.

It has been a half-decade climb from the depths of the Great Recession, which wracked the U.S. housing market and hit Rock County especially hard with a glut of foreclosures. But the local market has seen mammoth gains over the past calendar year—a 24 percent jump in home sales, according to a snapshot monthly report by the Wisconsin Realtors Association that compares April 2015 home sales to those in April 2016.

And median home prices here rose from $115,000 to nearly $140,000 from April 2015 to April 2016, according to the snapshot data.

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