Mortgage Grapevine

Phil Capolongo - Equitex Venture Group

Dear Folks,

We have just been informed tonight that a con artist by the name of Phil Capolongo is at it again.

Since 2005, he has marketed (misrepresented) himself as:

The Fortius Group of Funds
575 Madison Avenue, 8th Floor
New York, New York 10022

Not to mention his other worthless shell, Equitex Venture Group.

We're not sure if he's still using these "shells" as he's ripped off quite a few people over the years. Just read the flurry of complaints.

Phil is the reason why our office started posting here when we smell potential fraud or unethical behavior in the industry.

So far, we have stopped and slowed down quite a few of these crooks. So a big thanks to the owners of this website.

To keep it simple:

For those seeking financing, DO NOT SEND PHIL CAPOLONGO ADVANCE FEES. To date, he does NOT manage millions of dollars - he takes fees, lies, and uses 3rd parties for all legal contracts so he can't be sued. He's a clever, not brilliant, conman.

We tried working with the NY DAs office, but they were too backed up with much bigger cases. How sad. We even called the FBI and still haven't heard back from them. Even sadder.

He only robbed us of a $15,000 FEE by manipulating a 3rd party money manager who then convinced us he did, in fact, have lots of cash under mgmt. Sound like another Madoff?

However, Capolongo FAILED to close our first deal - a $2.5m senior mortgage for a land acquisition deal offshore. We then fell out of contract and LOST A $300,000 CASH INVESTMENT consisting of hard deposit and pre-development expenses.

We were unable to sue Phil as he was clever enough to have our firm sign ALL contracts with his 3rd party money manager, who was also ripped off.

He never closed any of their other deals - NOT ONE. A liar? He called us from France (so we were told) the week he was closing his $100,000,000+ credit facility. The area code of the incoming call was 305 (Miami) - the guy was on vacation in Miami telling us he was in Europe. Can you believe that?

In summary, to all honest, hard working applicants...


We learned the hard way.

by Deal$Maker December 19, 2010 12:41 AM

thanks for the post.
what a pos -
it is sad that law enforcement is frank and apologetic about its inability to prosecute such scam/fraudmen types.

by MikeM-NJ December 19, 2010 9:04 AM

Thank you, MR BUNKER (aka Monday Morning Quarterback)

If we had our crystal ball and if we had the information we have today, back in 2006, we would have never dealt with Mr Capolongo nor wired him lunch money.

The point of this thread is quite simple: CAVEAT EMPTOR. The man is a crook.

by Deal$Maker December 21, 2010 12:11 AM

They are slicker than shet. That's how they get away with it.
Get a lawyer and sue.
by boundlessloans December 21, 2010 3:00 PM

If you are a victim of Phil Capolongo, please contact and file a complaint:

FTC Hotline for Advance Fee Fraud

In order for a pattern to be determined by the Feds, they first analyze the number complaints..... investigate with attorneys and then take next step.

Thank you

by Deal$Maker January 31, 2011 4:20 PM

With all that has been written about this Capolongo guy and for so many years...ALL negative experiences, why would anyone consider lending him money or engaging in any form of a business relationship with him? It appears P.T. Barnum was correct...."there's a sucker born every minute".
This Capolongo is a Wannabe....he wants to be a success and admired, but obviously has never put in the time to do the legit work. Anyone can "call" himself a doctor but I would not let him operate on me until I researched him to verify. If all I found was negative feedback...I would move on and avoid him. Same thing here.
As far as I'm concerned, anyone dumb enough to give Capolongo any money deserves the end result.
by Calm N Cool February 10, 2011 9:01 AM

Contact IRS - they will go after him for tax evasion.
by pps3253 June 8, 2011 7:59 PM

Contact IRS - they will go after him for tax evasion.
by pps3253 June 8, 2011 8:00 PM

Yesterday was the 15th anniversary of the last time I saw Mr. Capolongo. On that I day I have an indelible image of his hands in cuffs, arms behind his back and a Connecticut Corrections Officer holding his bicep. His voice cracked in front of the judge at his hearing to reduce his bail from $50,000, having been arrested a month or so earlier on Larceny in the First Degree. I couldn’t help thinking he must have been in leg irons as well that morning while being transported from jail to court. Was this the life he wanted to live?
He now claims to be an investment banker….he may very well be. In the words of Coach Bill Parcells….”You are what your record says you are.” His record says he is a Convicted Felon.
I posted this fact some 8-9 years ago hoping that others would avoid a loss and, more important, he would get clean and sober and begin the healing process with those he has hurt. Now I see various postings about his actions and I realize he continues on the same course.
At this time I want to avoid sharing any of the despicable stories the arresting detective told me that day in the Norwalk, CT Court House. Hopefully, someone close to him will have a great enough impact immediately to help him turn his life around.

by Kevin Quinn June 24, 2013 5:43 PM


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