In May of this year, former owner of Prime Capital Ventures Kris Roglieri was arrested by the FBI for wire fraud. On Thursday he was indicted by a Federal grand jury on 5 counts of wire fraud related to the deposit of $5 million he received from a client for a promised loan of $100 million. He used the money to pay back other companies to which he owed money, to fund new projects, pay his attorneys, a Rolex watch, and for a $100k vacation. Each of the 5 counts is for the transactions made with money from the deposit amount. He is facing 20 years in prison.
There could be further charges connected to other deposits that were never returned to multiple clients. My non-legal theory on why other charges weren't included is that these 5 counts are the most clear-cut since they came after many civil lawsuits and a forced bankruptcy proceeding. This narrow scope brings a higher likelihood of conviction.
Kris Roglieri is still being held in county jail. The judge denied his release because he threatened to kill an FBI agent.
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