New York – In a stunning revelation of financial chicanery, MARIO GOGLIORMELLA, STEVEN LACAJ, and KARIM IBRAHIM, also known as ‘Chris Hayes,’ have been charged with conspiracy, securities fraud, wire fraud, and investment adviser fraud. The trio is accused of masterminding a $185 million fraud scheme through their control of L & G Capital Corp., Legend Venture Partners LLC, and related funds.
The defendants raised approximately $185 million from hundreds of investors based on fraudulent misrepresentations about the funds’ operation. They siphoned off nearly $28 million in investor funds into their own coffers, while also paying sales representatives at least $17.5 million in hidden fees and commissions.
According to U.S. Attorney Damian Williams, ‘These men left a trail of shattered trust and financial ruin by raising millions from unsuspecting investors. Today’s indictment is a strong message against such egregious breaches of investor confidence.’
The U.S. Postal Inspection Service’s Inspector in Charge Daniel B. Brubaker emphasized the significance of this investigation, saying, ‘This case shows the lengths some will go to defraud investors and abuse the mail system. Our Postal Inspectors, SEC, and Assistant U.S. Attorneys are committed to protecting investors and holding fraudsters accountable.’
The Indictment alleges that from 2019 to October 2022, GOGLIORMELLA, LACAJ, and IBRAHIM engaged in a scheme using ‘boiler room’ call centers to market their funds. They promised investors the chance to acquire shares in pre-IPO companies at favorable prices, while secretly marking up share prices and concealing their own involvement.
The defendants were arrested today and are set to appear this afternoon in Manhattan federal court before U.S. District Judge Vernon S. Broderick.
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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