Enrico Carini, Pre-IPO Fraud Scheme, New York 2025

Investment fund manager Enrico Carini, also known as ‘Ed’, pleaded guilty to conspiracy to commit securities fraud and investment adviser fraud in a multi-million dollar pre-IPO fraud scheme in Brooklyn federal court.

Carini’s co-defendant, Caner Otar, also known as ‘John’, pleaded guilty to conspiracy to commit securities fraud on August 25, 2025, in connection with the same scheme.

When sentenced, Carini faces a maximum sentence of 10 years’ imprisonment, restitution, and forfeiture of cash and assets collectively valued at more than $430,000, including several luxury watches.

Otar faces a maximum sentence of five years’ imprisonment, restitution, and $400,000 in forfeiture.

According to the government, Carini and Otar were sales team leaders for Max Infinity Management LLC, Elder Fund Management LLC, and a related series of funds (Max Infinity), which raised more than $60 million from investors through false and misleading promises and high-pressure sales tactics.

Carini and Otar made numerous misstatements to Max Infinity investors, including falsely representing that they did not make money on investments until investors profited, when in fact they received commissions on each investment they solicited.

The government’s case is being handled by the Office’s Business and Securities Fraud Section, with Assistant United States Attorneys Sarah M. Evans, Eric Silverberg, Lorena Michelen, and Nicholas M. Axelrod in charge of the prosecution.

Defendants Who Pleaded Guilty:

ENRICO CARINI (also known as ‘Ed’)

Age: 40

Staten Island, New York

CANER OTAR (also known as ‘John’)

Age: 3

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