Earlier this week, two sales team leaders for a New York-based investment fund manager pleaded guilty in federal court to charges related to a multi-million dollar fraud scheme. Enrico Carini, also known as “Ed,” and Caner Otar, also known as “John,” admitted their roles in misleading investors about pre-IPO opportunities through Max Infinity Management LLC and Elder Fund Management LLC.
Carini entered his plea on August 26, 2025, while Otar pleaded guilty the previous day. Both proceedings took place before United States District Judge Carol B. Amon in Brooklyn. Carini faces up to 10 years in prison, restitution, and forfeiture of more than $430,000 in cash and luxury watches. Otar could receive up to five years’ imprisonment, restitution, and must forfeit $400,000.
United States Attorney Joseph Nocella, Jr., of the Eastern District of New York announced the pleas along with Christopher G. Raia from the FBI’s New York Field Office.
“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 acknowledged significant cooperation from the Securities and Exchange Commission during the investigation.
“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.”
Court documents revealed that Carini and Otar led sales teams at Max Infinity Management LLC as well as related funds based in New York City. The companies claimed they bought stock from privately held firms expecting an initial public offering (IPO), including Stripe, Chime, Instacart, and Flexport. However, Carini and Otar made false statements about how they were compensated—telling investors they only profited when clients did—while actually collecting commissions on every deal they closed.
They also misrepresented that their firm was registered with the SEC when it was not. Salespeople under their direction used scripts falsely assuring potential clients about past successes with IPOs even though Max Infinity had no such track record. Over $60 million was raised using misleading promises combined with high-pressure tactics.
Charges against three co-defendants—John Cangialosi of Manalapan (NJ), Peter Girgis of Staten Island (NY), and Gene Sarabella (“Jerry”) of Monroe (NJ)—are still pending; trial is set for January 12, 2026.
The prosecution is being handled by Assistant U.S. Attorneys Sarah M. Evans, Eric Silverberg, Lorena Michelen, Nicholas M. Axelrod with support from paralegal specialists Liam McNett and Timothy Migliaro.
Enrico Carini is 40 years old from Staten Island; Caner Otar is 38 years old from Brooklyn.
