Kris Roglieri indicted on five counts of wire fraud
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ALBANY, N.Y. (NEWS10)-- As described on his website, the serial entrepreneur Kris Roglieri has been indicted on five counts of wire fraud, according to the United States Department of Justice. Roglieri was arrested in May, following an FBI investigation into alleged wire fraud dating back to December 2023.
The indictment and earlier criminal complaints allege that Prime Capital, operated by Roglieri, held itself out as a commercial lending business. Roglieri allegedly defrauded a Minnesota company in 2023, by funding, through Prime Capital, about a $100 million commercial project, despite failing to fund numerous loans promised to earlier clients.
On December 22, 2023, Roglieri signed a deposit agreement with a Minnesota business stating that Interest Credit Account (ICA) payments needed to be made upfront, deposited in a separate bank account, and held as a trust fund. The Minnesota business wire transferred $5 million in ICA payments they said were used by Roglieri.
Allegedly, Roglieri used that money to:
- Transferring $950,000 to meet a financial obligation to another Prime Capital client
- Paying $84,000 for his purchase of a Rolex day-date 36 mm yellow gold diamond bezel watch
- Paying $101,000 to a private jet services company, for round-trip, private air travel between Albany International Airport and Anguilla, for a family vacation that Roglieri took from about December 29, 2023, to January 5, 2024
- Paying $400,000 to a law firm representing Prime Capital in court proceedings.
If convicted, Roglieri faces up to 20 years in prison and a maximum $250,000 fine per count. He also faces a three-year sentence of post-release supervision.
Amid the fraud investigation, Roglieri filed for a class 11 bankruptcy. The estate of Kris Roglieri will be auctioned off. The Saratoga Automobile Museum will handle five of his cars with an estimated value of $1.5 million.
The auction began on Sept. 18 and will run until Sept. 21. The collection includes a 2005 AMG CL65, a 2019 G63 AMG, and the attention-grabbing 2021 AMG GT Black Series. The 2021 has a satin, black wrap with orange details; modified by RENNtech with 1,066 horsepower. Inside the museum sits the impressive 2014 Novitec Ferrari F12 N-Largo.
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