In a recent development reported by theU.S. Attorney’s Office, two men have been indicted on conspiracy to commit wire fraud and wire fraud, with additional charges for one of the individuals. Avi Fogel, also known by multiple aliases including Avi King, and Christos Chrestatos, also known as Chris Silverman, are accused of orchestrating an investment fraud scheme masquerading as prominent producers in the entertainment industry.
According to the indictment, Fogel and Chrestatos allegedly lied to investors about their connections to “A-list” celebrities and their affiliation with Universal Studios. The indictment alleges that the defendants used various misleading tactics to secure investments from victims totaling approximately $167,100. Fogel is also charged with one count of false writing to a government agency after allegedly submitting a fraudulent loan application to the U.S. Small Business Administration and receiving $52,400.
To facilitate their fraudulent activities, Fogel and Chrestatos created several entities, including Suzy and the Sock Dragon Media Group, LLC, Rhinoheart Films, LLC, and The Book Media Group, LLC. These entities were supposedly involved in producing various entertainment projects but were ultimately fronts to attract investments under pretenses.
The indictment was announced by United States Attorney Ismail J. Ramsey and FBI Special Agent in Charge Robert K. Tripp. If convicted, both men face a maximum sentence of 20 years of imprisonment and a fine of $250,000 for the wire fraud charges. Additionally, Fogel could look at up to 30 years for the additional count of wire fraud and another five years for the charge of false writings to a government agency, including potential fines and supervised release.
Fogel and Chrestatos have been released on bond, with Fogel’s next court appearance scheduled for December 9. Assistant U.S. Attorney Benjamin K. Kleinman is prosecuting the case with assistance from Kay Konopaske. Given the presumption of innocence in the U.S. legal system, the indictment is merely an accusation, and the defendants will remain innocent until proven guilty in a court of law.
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