Investment Scam Ringleader Pleads Guilty After Being Recorded Paying Cash Kickbacks at Boca Raton Starbucks | USAO-SDFL

Miami, Florida – Paul Geraci, 45, of Parkland, Florida, pleaded guilty today for his role in a large investment scheme in which he and others defrauded investors out of approximately $21 million by falsely claiming that investors’ money would go towards the development of a lucrative mobile gaming app that, in reality, never launched and generated no revenue during the scheme. 

Juan Antonio Gonzalez, United States Attorney, Southern District of Florida, and Robert DeWitt, Acting Special Agent in Charge, FBI Miami Field Office, made the announcement. 

Geraci pleaded guilty to conspiring to commit mail fraud and wire fraud, in violation of 18 U.S.C. § 1349.  He faces a maximum term of 20 years’ imprisonment.  The United States is pursuing forfeiture of Geraci’s home and under the terms of his plea agreement, Geraci must pay a forfeiture money judgment amount of approximately $1.2 million. 

Geraci is the fifth defendant in the scam to plead guilty:

  • Michael Assenza, a/k/a “Michael Grimaldi”, 44, of Boca Raton, Florida, the former Director of Technology at Social Voucher pleaded guilty and was sentenced to 52 months’ imprisonment on August 11, 2022;
  • Ted Romeo, a/k/a “Ted Lamar”, 62, of Pompano Beach, Florida, an employee of Geraci’s boiler room who solicited Social Voucher investors, pleaded guilty and is scheduled to be sentenced on August 26, 2022;
  • Paul Vandivier a/k/a “Doug Wright”, 61, of West Palm Beach, Florida, who operated a boiler room that…

Read more…

Leave a Reply

Your email address will not be published. Required fields are marked *