Assistant U.S. Attorney Russell T. Ippolito, Jr., who handled the case, stated that Nicholas Mussolini defrauded investment companies in an advance fee scheme, which resulted in financial losses. The victims included a film production company, Applecreek Productions, located in England which lost more than $400,000. Mussolini, and his co-conspirators, represented to the victim film production company that he could obtain a standby letter of credit from banks outside the United States. The defendant assured representatives of the company that he could monetize the stand by letter of credit which would provide the film production company with $100 million dollars in loans. As part of the scheme, Mussolini required the company to provide him with $500,000 which would purportedly cover the costs associated with the financial transaction. The film production company provided the funds but instead of using the money to obtain financing, the defendant, and his co-conspirators, used the funds for their own purposes. Mussolini committed similar acts with several other companies seeking financial backing.
The sentencing is the culmination of an investigation by the Federal Bureau of Investigations, under the direction of Special Agent in Charge Adam S. Cohen.
from US Dept. of Justice via IFTTT
