N.Y.C. man sentenced for defrauding friends in scheme

Thomas John Sfraga was sentenced to 45 months in prison for wire fraud after defrauding friends and neighbors through a fake investment scheme. He promised high returns through his business, Vandelay Contracting Corp., named after a fictional character from "Seinfeld." Sfraga misused investors' money, keeping it for himself or paying earlier investors. He pleaded guilty last May and must also pay $1.5 million in restitution. Victims expressed their financial losses in court, highlighting the impact of his actions on their lives. Judge Frederic Block criticized Sfraga's actions but acknowledged some redeeming qualities. Sfraga apologized, claiming he acted under financial pressure.