How a ‘Magic Mike’ Scammer Stole More Than $4.2 Million From Misled Investors
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The Tinder swindler and Anna Delvey have some competition. On Thursday, a man from Rhode Island pled guilty to federal criminal charges of securities fraud and wire fraud after admitting he lied to investors and stole more than $4,200,000, according to the U.S. Attorney’s Office. Now, he faces up to 40 years in prison.
John Santilli, 48, lied to investors and claimed that in return for their investments into Aloris Magic Mike LP — a company completely unrelated to the Magic Mike stage show — investors would be “entitled to a percentage of the profits from Magic Mike Live,” which holds shows at The Sahara on the Vegas Strip.
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To convince his victims, Santilli created fake legal documents that made it seem like his company was a shareholder.
Santilli also spent part of the money he stole at casinos. “Santilli misappropriated a significant portion of his victims’ investments, including by withdrawing more than $1 million at casinos across the United States, where he used investors’ money for gambling,” read a statement.
To get more money from his investors, Santilli also falsely claimed that “new investment opportunities had arisen” and that he was selling shares in his business.
Santilli is set to be sentenced on April 20.
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