PROVIDENCE, R.I. (WPRI) ─ An East Greenwich man was arrested Tuesday for allegedly swindling investors out of millions of dollars in connection to the “Magic Mike Live” show in Las Vegas, according to the U.S. Attorney’s Office for the Central District of California.
Following his arrest, John Santilli, 47, was indicted in Rhode Island on one count of securities fraud, eight counts of wire fraud and one count of aggravated identity theft.
Santilli, according to the indictment, solicited more than $4.2 million in funds from his victims, who thought they were investing in the Las Vegas show.
The indictment said to make it look legitimate, Santilli showed his victims a doctored legal document, which made it appear that the company they would be receiving shares from was a member of the company in charge of the show.
It also states Santilli misappropriated a significant portion of his victims’ investments, including withdrawing more than $1 million at casinos across the country.
To raise more money, the indictment states Santilli would reach out to his victims about new investment opportunities.
Santilli was released on $100,000 bond. If convicted, he could face a statutory maximum sentence of 182 years in prison. The investigation into Santilli is ongoing.