BOSTON — A Massachusetts man has agreed to plead guilty to fraudulently obtaining $350,000 from investors, the U.S. Attorney said.
Luciano Schipelliti, 28, of Haverhill, was charged in federal court in Boston with one count of wire fraud, U.S. Attorney Leah Foley said in a statement.
Schipelliti has agreed to plead guilty before Senior U.S. District Judge F. Dennis Saylor on a date to be set by the court, Foley said.
According to the charging documents, in the fall of 2018, Schipelliti established the Superstars Fund and raised roughly $275,000 to invest in cryptocurrency.
By 2019, through a series of bad investments, Schipelliti allegedly lost all the money in the Superstars Fund.
He did not, however, tell any of the investors that he had lost the money, prosecutors said.
Instead, according to the charging documents, beginning in approximately November 2020, Schipelliti began sending monthly newsletters to investors that falsely reported that the Superstars Fund continued to grow in value.
In approximately February 2021, Schipelliti allegedly launched a new fund, the TTM Fund, following the Superstars Fund’s misrepresented performance.
He raised approximately $350,000 to invest in cryptocurrency.
Prosecutors said Schipelliti allegedly lost all the money in the TTM fund by September 2021.
According to the charging documents, Schipelliti lost most of the money in the TTM Fund investing in cryptocurrency and also used some of the money in a manner inconsistent with the terms of the TTM Fund’s operating agreement.
For the wire fraud charge, Schipelliti faces a sentence of up to 20 years in prison, three years of supervised release, and a $250,000 fine.
This is a developing story. Check back for updates as more information becomes available.
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