Posted on: October 28, 2022, 05:44h.
Last updated on: October 28, 2022, 05:44h.
A Rhode Island man pleaded guilty to swindling investors out of $4.2 million, the Justice Department announced in a news release today. The investors thought they were buying into the “Magic Mike Live” stage show at the Sahara in Las Vegas. He then used $1 million of their money for gambling.
John A. Santilli Jr., 48, of East Greenwich, Rhode Island, pleaded guilty to one count of securities fraud and one count of wire fraud. His plea agreement was accepted late on Thursday in a Los Angeles federal court. According to the Justice Department, Santilli managed and partly owned a company that acquired an interest in Mike’s Mobile Detailing, the company operating the “Magic Mike Live” show.
From June 2016 to February 2020, Santilli raised funds from victims by soliciting investments in Aloris Magic Mike LP, a different business that he falsely told investors owned the show and would distribute its profits to them. To bolster the scam, Santilli used a doctored legal document that made it appear that Aloris Magic Mike LP was a…
