A Denver CEO pleaded guilty to one count of securities fraud on Thursday in connection to bilking investors out of $11 million, according to federal prosecutors.
A Denver CEO pleaded guilty to one count of securities fraud Thursday in connection to bilking investors out of $11 million, according to federal prosecutors.
Samuel J. Mancini, 55, entered the plea before U.S. District Court Judge Cecchi in Newark, according to a news release from the U.S. Attorney’s Office District of New Jersey. Mancini managed and controlled Outdoor Capital Partners LLC , which he purported to be a venture capital and private equity firm, according to documents filed in the case and statements made in court. OCP served as the managing director of OCP Italia Fund LLC , a private investment fund which Mancini used in a fraudulent scheme.
From February 2020 through July 2021, Mancini told investors that he was raising $20 million, including $5 million of his own, for OCP Italia to acquire controlling interests in three Italian cycling companies, the news release said. Mancini promised investors about 70% of OCP Italia’s profits.to OCP Italia, prosecutors said. OCP Italia never acquired any of the Italian cycling companies.
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