The Saratoga Motorcar Auction has been approved by bankruptcy court to auction off the contents of Roglieri's Queensbury mansion. The Kris Roglieri fraud case has dramatically evolved from a local lending scandal to a federal investigation with potentially $120 million in missing funds.
Currently, Roglieri faces multiple legal challenges, including a federal indictment for wire fraud and a Chapter 7 bankruptcy liquidation that threatens to dismantle his entire business empire
Detailed Timeline of Events
2022-2023: Initial Suspicious Activities
- September 2022 - January 2023: Bulk of questionable financial transactions occur
- Approximately $140 million cycles through Prime Capital Ventures' Citibank account
2024: Legal Escalation
- February 15: Roglieri files individual Subchapter V bankruptcy petition
- June 26: Arrested on initial wire fraud charges
- September 20: Indicted on five counts of wire fraud
- November 16: Scheduled estate and gun auction to liquidate assets
Detailed Fraud Mechanism
- Solicited upfront "Interest Credit Account" (ICA) payments
- Promised guaranteed loan securitization
- Systematically failed to return client deposits
- Created the illusion of legitimate lending operations
Victim Companies and Financial Losses
Documented Financial Impacts:
- Onward Partners, LLC
- Total ICA Deposit: $20 million
- Unaccounted Funds: $4 million
- Loss Percentage: 20%
- B&R Acquisition Partners
- Missing Funds: $4.3 million
- Loan Promise: Commercial real estate development
- Compass-Charlotte 1031, LLC
- Missing Funds: $15.9 million
- Projected Investment: Multi-state property portfolio
- ER Tennessee LLC
- Missing Funds: $15 million
- Intended Project: Mixed-use commercial development
Cumulative Financial Impact:
- Total Alleged Missing Funds: $63 million
- Misappropriated Assets: $31.75 million
- Luxury Purchases: $16 million+
Luxury Assets Being Liquidated
- Automotive Collection:
- One-of-11 Ferrari already sold in September auction
- Multiple exotic cars seized by FBI
- Real Estate:
- Queensbury mansion potentially worth nearly $2 million
- Estate auction on November 16 includes:
- Furniture
- Home fixtures
- 22 firearms
- Sword and knife set
Financial Breakdown: Missing Funds
Total Missing Funds Progression:
- Initially estimated: $50 million
- Current estimate: $120-$125 million
Fund Recovery Status:
- Returned to customers: $57 million
- Unaccounted funds: Approximately $125 million
The case has moved from Chapter 11 to Chapter 7 liquidation, indicating a complete business failure rather than a restructuring opportunity.
Our Opinion
Kris Roglieri's criminal activities serve as a clear warning to all in the business lending industry. His case goes beyond personal failure, highlighting the fine line between aggressive financing and illegal actions.
Roglieri shattered trust, a fundamental pillar of our industry, by manipulating a system meant to support entrepreneurs. His ability to misappropriate $120 million illustrates how quickly ambitious financing can slip into fraud.
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