Kris Roglieri Indicted by a Grand Jury for Fraud, Cars to be Auctioned Off on Saturday – Fraud Friday
September 20, 2024
Delaney Sexton
Contributing Editor
Kris Roglieri Indicted by a Grand Jury for Fraud, Cars to be Auctioned Off on Saturday – Fraud Friday
On Thursday, an announcement was made that Kris Roglieri has been hit with 5 counts of wire fraud. The charges are in connection with the case that was previously listed in the criminal complaint against Roglieri.
In December 2023, an egg production company in Minnesota sought assistance from Prime Capital with obtaining a loan to support a $100 million commercial project. Kris Roglieri allegedly obtained a $5 million “Interest Credit Account Payment” from the company. The ICA payments would be kept in a separate account and “would be debited over time as the loan was funded and accrued more interest.” Borrowers were also led to believe that the ICA payments would be refundable if Prime Capital could not secure a loan for them.
At the time of the agreement with the new client, Roglieri and Prime Capital were already involved in several lawsuits filed by clients accusing him of fraud. Prime Capital had failed to fund loans to other clients, and these clients claimed that their refundable ICA payments were never returned to them.
The government is accusing Roglieri of stealing the $5 million ICA payment and using it as follows:
- $950,000 was transferred to a different Prime Capital client as partial loan funding for their real estate project.
- $2 million was transferred to a credit union account held by a Virginia company.
- $101,000 was used to pay for round-trip private air travel to Anguilla for a family vacation.
- $84,000 was used to purchase a Rolex day-date yellow gold diamond bezel watch.
- $400,000 was paid to a law firm that represented Prime Capital in court proceedings.
A criminal complaint against an individual must be brought to a judge for review. After the judge signs the complaint, the individual listed can be charged and arrested. The case cannot go to trial without an indictment. Only after evidence has been presented to a grand jury can an indictment be issued. The grand jury must decide that there is sufficient evidence to establish probable cause for an indictment to be issued.
Roglieri will likely face more charges in the future. He has been held in Rensselaer County jail since May after threatening to kill an FBI agent.
Tomorrow, the 8th Annual Saratoga Motorcar Auction is taking place from 10 am ET to 4 pm ET. The Saratoga Automobile Museum will be auctioning off five of Kris Roglieri’s cars, including:
2014 Novitec Ferrari F12 N-Largo
2021 Mercedes-Benz AMG GT Black Series
You can watch the auction live here!