YOUNGSTOWN Man heads to prison in investment scam

Charges against the defendant's wife were dropped as part of the deal.
By BOB JACKSON
VINDICATOR COURTHOUSE REPORTER
YOUNGSTOWN -- A city man who authorities say took thousands of dollars from friends and co-workers in an investment scam will spend more than two years in a federal prison.
His wife, who also was charged, will not face any punishment.
Judge Patricia Gaughan of U.S. District Court, Cleveland, imposed a 25-month sentence on Antonio Tsimouris, 51, of Manchester Avenue. Judge Gaughan also ordered Tsimouris to pay back $275,000 to the victims.
As part of a plea agreement, Tsimouris had pleaded guilty to one count each of mail fraud and tax fraud, said James C. Lynch, assistant U.S. attorney.
Tsimouris and his wife, Mary, were indicted by a federal grand jury in September on five counts of mail fraud and one count each of bank fraud and bankruptcy fraud.
Charges dropped: As part of the plea agreement, charges against Mrs. Tsimouris were dismissed, Lynch said. He said Tsimouris is to report to prison at the end of this month.
The couple's attorney, Dennis DiMartino, said he was glad to get the charges against Mrs. Tsimouris dropped because her involvement in the scam was minimal.
He said Tsimouris has lost nearly everything and "has no more tangible assets of any value." Tsimouris paid $8,500 toward the restitution at sentencingand is trying to find more money for the victims, DiMartino said.
Lynch said Tsimouris told people he had contacts in Europe and Asia who could help him invest their money in overseas gold trading.
He took their money and either used it for himself or used part of it to pay some of what he owed to other people, Lynch said.
"That was the scheme. He would rob Peter to pay Paul," Lynch said.
Civil suits: Tsimouris is also the target of several civil lawsuits in Mahoning County Common Pleas Court, filed by people who say he bilked them out of thousands of dollars.
Those suits are on hold because Tsimouris has filed for bankruptcy protection. Many of the same people who filed the suits are among the victims named in the federal case.
They allege in the civil suits that Tsimouris gave them 90-day promissory notes when they gave him their money to invest. When the notes came due, though, he refused to pay the money they were owed, the suits say.