DOJ v. Luciano Schipelliti

Luciano Schipelliti allegedly fraudulently obtained $350,000 in investor funds. According to the charging documents, Schipelliti lost all the money in the Superstars Fund and then sent monthly newsletters to investors that falsely reported that the Superstars Fund continued to grow in value. Based on the misrepresented performance of the Superstars Fund, Schipelliti allegedly launched a new fund, the TTM Fund. Schipelliti allegedly lost all the money in the TTM fund by September 2021 and also used some of the money in a manner inconsistent with the terms of the TTM Fund’s operating agreement.

Summary generated from official Department of Justice press release