Martin N. Racioppi, 52, of Monmouth Beach, pleaded guilty in federal court in Trenton today to robbing the Navesink branch of Investor Saving Bank, U.S. Attorney Craig Carpenito announced.
Racioppi entered the Navesink Investors branch on July 20, 2017 and demanded money from a teller. He fled with approximately $1,600. The FBI arrested him the following day in Eatontown.
This is Racioppi’s third bank robbery conviction. He was released from federal prison on March 26, 2014 for his 2007 conviction in the robbery of a Red Bank Sovereign Bank branch, according the the Federal Bureau of Prisons. He was on parole for a previous bank robbery conviction at the time of the Red Bank robbery, according to RedBankGreen.
Sentencing is scheduled for July 10, 2018. He faces a maximum potential penalty of 20 years in prison and a fine of either $250,000 or twice the gross gain or loss from the offense, which ever is greater.
U.S. Attorney Carpenito credited special agents of the FBI, Newark Division, Red Bank Resident Agency, Jersey Shore Gang and Criminal Enterprise Task Force (which includes representatives from Bradley Beach Police Department, Brick Police Department, Marlboro Police Department, Monmouth County Sheriff’s Office, and Toms River Police Department), under the direction of Acting Special Agent in Charge Bradley W. Cohen; the Middletown Township Police Department, under the direction of Chief Craig Weber; the Monmouth County Prosecutor’s Office, under the direction of Monmouth County Prosecutor Christopher J. Gramiccioni; the Monmouth Beach Police Department, under the direction of Chief Thomas C. Walsh; the Atlantic Highlands Police Department, under the direction of Chief Jerry Vasto; and the Eatontown Police Department, under the direction of Chief Michael D. Goldfarb with the investigation leading to today’s guilty plea.