Monroe Man, Company Plead 'Guilty' to Defrauding Property Owners

A Monroe man pleaded “guilty” on behalf of himself and his company on Friday for conspiring to defraud a Bridgeport-based property owner of at least $275,000.

Anthony Testo, 66, is facing up to 20 years in prison for misrepresenting work done and rent collected while acting as the property manager for an apartment complex and several single- and multi-family homes.

As part of his duties, Testo was charged with maintaining a monthly “rent roll” spreadsheet detailing all the rental units, amount due and payments collected and deposited. From January 2007 to August 2010, Testo’s company, ACT Builders, Inc., submitted fraudulent rent rolls showing occupied units as vacant and underreporting rent collections.

Testo is scheduled to be sentenced on Sept. 2 and has agreed to pay full restitution of $275,000, as well as $71,795 in back taxes not reported to the IRS.

ACT Builders is facing 5 years probation. Trumbull accountant Thomas Ragonese, 54, who assisted Testo with the bookkeeping, including preparing the rent rolls, was also indicted last month.