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Defendants Charged in $5 Million Investor Fraud Scheme
GEORGE DOUMANIS, Emanuel Pantelakis, and Danny Pratte were charged with orchestrating a scheme to defraud investors of at least approximately $5 million in a fuel cell company.
According to the indictment, the defendants will be presented and arraigned later today before United States Magistrate Judge Gabriel W. Gorenstein.
In a statement, Manhattan U.S. Attorney Preet Bharara said, "As alleged, George Doumanis, Emanuel Pantelakis, and Danny Pratte deceived investors with a fraudulent plan to invest in fuel cell technology. In reality, all they were allegedly fueling was their own greed-inspired scheme to bilk investors and use the money to pay credit card bills, for a Mercedes Benz, and a horse trainer."
The FBI Assistant Director-in-Charge, William F. Sweeney Jr., added, "Doumanis, Pantelakis, and Pratte are charged with defrauding Terminus investors by selling them shares of a product that was, essentially, nonexistent. They allegedly did so while intentionally misrepresenting to investors the rate of commission individuals acting as broker-dealers would receive for Terminus stock sold."
GEORGE DOUMANIS, Emanuel Pantelakis, and Danny Pratte have been charged with the following crimes: conspiring to commit securities fraud, wire fraud, and mail fraud. In 2003, GEORGE DOUMANIS was convicted of conspiring to commit securities fraud, wire fraud, and mail fraud. In 2005, Emanuel Pantelakis was permanently barred from association with any securities broker or dealer.
The indictment alleges that from at least February 2008 through 2014, GEORGE DOUMANIS, Emanuel Pantelakis, and Danny Pratte engaged in a fraudulent scheme to defraud investors by inducing them to purchase shares of Terminus Energy, Inc. The defendants allegedly misappropriated the victims’ funds for their own purposes.
GEORGE DOUMANIS, Emanuel Pantelakis, and Danny Pratte are currently awaiting arraignment. The case is set for an initial conference on March 6, 2017, at 1:00 pm.
Defendant Information:
- GEORGE DOUMANIS: Conspiring to commit securities fraud, wire fraud, and mail fraud. In 2003, he was convicted of conspiring to commit securities fraud, wire fraud, and mail fraud. In 2005, he was permanently barred from association with any securities broker or dealer.
- Emanuel Pantelakis: Permanently barred from association with any securities broker or dealer. In 2008, he was banned for life from the securities industry by the SEC and FINRA.
- Danny Pratte: Expected to surrender today to the FBI in Denver, Colorado.
Case Information:
- City and State: New York
- Date: 2017
- Amount: $5 million
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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