OAKLAND – Quincy Krashna, 49, of Berkeley, Calif., pleaded guilty to wire fraud today in a scheme that defrauded European concert promoters out of $450,000. The plea was accepted by U.S. District Judge Jeffrey S. White.
According to the plea agreement, Krashna misrepresented his connections to the Red Hot Chili Peppers and convinced victims interested in promoting their concerts in Eastern Europe to send him a down payment. He claimed he would hold the money in an escrow account controlled by Chase Bank, but instead used a personal account that he controlled.
krashna created a fraudulent ‘Escrow Agreement’ that appeared legitimate, leading the promoters to wire the $450,000 into his fake account. He then transferred the funds out of his account and continued to misrepresent the whereabouts of the money until March 2012.
Krashna was indicted on January 12, 2017, by a federal grand jury on seven counts of wire fraud. Today’s plea agreement covers Count One. The defendant also agreed to make restitution for the victims’ losses.
Judge White has scheduled Krashna’s sentencing for July 10, 2018. Under federal law, he faces up to 20 years in prison, a $250,000 fine, and three years of supervised release. Additional penalties may be imposed upon consideration of the U.S. Sentencing Guidelines.
The case is being prosecuted by Assistant U.S. Attorneys Tom Green and Michelle Kane, with assistance from Noble Hughes and Katie Turner. The investigation was conducted by the FBI.
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Key Facts
- State: California
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Cybercrime|Public Corruption
- Source: Official Source ↗
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