Published: Jul 07, 2014 10:54 AM EDT

TAMPA, Fla. (AP) - A Tampa man is accused of defrauding customers out of $473,742 in a day trading scheme.
    
The Tampa Bay Times (http://bit.ly/1r2Pe9d ) reports Matthew Pasquale Ionno is a defendant in three cases pending in federal courts.
    
Court records show Ionno and a conspirator took money from people they were supposed to be helping increase their portfolios.
    
Prosecutors say Ionno used social media and the Internet to identify and recruit existing and potential day traders. He led them to believe Traders Cafe, which is sometimes called Traders Cafe Worldwide, was a successful firm. Records show he falsely represented himself as being licensed and complying with securities law.
    
He's charged with conspiracy to commit wire fraud and a plea agreement says he will make restitution. A July 16 hearing is planned.
    
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Information from: Tampa Bay Times (St. Petersburg, Fla.), http://www.tampabay.com.

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