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Haverhill Man Charged with Investment Scam
A Haverhill man has been charged with defrauding investors out of $350,000 in a cryptocurrency scheme. Luciano Schipelliti, 28, was charged in federal court in Boston with one count of wire fraud.
According to the charging documents, Schipelliti established the Superstars Fund in the fall of 2018 and raised roughly $275,000 to invest in cryptocurrency. However, by 2019, he had lost all the money in the Superstars Fund and did not inform the investors of the losses.
Instead, Schipelliti allegedly sent monthly newsletters to investors that falsely reported the Superstars Fund’s continued growth in value. Based on these misrepresented performance reports, he launched a new fund, the TTM Fund, in February 2021, raising approximately $350,000 to invest in cryptocurrency.
Schipelliti allegedly lost all the money in the TTM fund by September 2021, using some of the funds for personal gain and violating the terms of the TTM Fund’s operating agreement.
The charge of wire fraud carries a sentence of up to 20 years in prison, three years of supervised release, and a fine of $250,000. Sentences are imposed by a federal district court judge based on the U.S. Sentencing Guidelines and other statutory factors.
United States Attorney Leah B. Foley and Ted E. Docks, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division, made the announcement. Assistant U.S. Attorney Benjamin A. Saltzman of the Securities, Financial & Cyber Fraud Unit is prosecuting the case.
The details contained in the charging document are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
Key Facts
- State: Massachusetts
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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