Connecticut Attorney General's Office
Press Release
Attorney General Wins $230,000 Judgment Against Hartford Loan Company Owner
March 15, 2010
Attorney General Richard Blumenthal has won a judgment compelling a Hartford loan company owner to pay $230,150 in restitution and penalties for allegedly taking money and failing to provide promised loans and services.
The settlement bans Michael Petriccione from the commercial loan business in Connecticut and obligates him to pay $165,150 in restitution to 13 consumers and $65,000 in penalties to the state.
Petriccione used phony endorsements from prominent individuals – including Blumenthal -- to entice consumers into doing business with his companies. Neither Blumenthal nor others ever endorsed Petriccione’s businesses.
Blumenthal sued Petriccione and his two companies, Mediations, Inc. and Innovations NE, LLC, in April 2008 for allegedly collecting more than $165,000 in deposits and upfront fees, but never delivering promised loans or services.
The judgment empowers Blumenthal’s office to seek seizure of property and other assets that Petriccione has or may acquire in the future.
“This settlement compels Mr. Petriccione to pay restitution -- money back -- to consumers he so cruelly and callously defrauded,” Blumenthal said. “He lured customers with bogus endorsements from prominent people, deceiving them into paying more than $165,000 for services never rendered. This scam badly battered budding entrepreneurs, delaying and destroying dreams of economic success and independence. Our judgment enables my office to seek his assets -- wages, real estate, investments -- to repay victims, returning cash he cruelly stole.
“My office will fight for restitution to consumers whether it takes months or years.”
Petriccione is currently in jail awaiting trial on separate larceny charges stemming from the case.
Through his companies, Petriccione claimed to provide investment loans of $100,000 to $700 million and “mediation services.” His companies also claimed to have legal and “placement” skills, and Petriccione represented that he was a Connecticut attorney. He is not licensed to practice law in Connecticut.