Resident Of Greenland Pleads Guilty To Mail Fraud
CONCORD, N.H. – William Orestis, 64, of Greenland, pled guilty to mail fraud in United States District Court for the District of New Hampshire, announced United States Attorney John P. Kacavas.
From approximately November 2003 to July 2010, Orestis and another person conspired to solicit money on behalf of a fraudulent investment company, Equivest, LLC. Orestis and the co-conspirator falsely assured investors that their money would be used to purchase foreign currencies and to support Equivest’s business activities. They provided investors with false account statements that claimed impressive profits earned by other investors in Equivest accounts. Many investors were also assured that their accounts would earn a minimum of 12 percent interest annually, with promises of rates as high as 18 percent annually.
Through such dishonest practices, Orestis and his co-conspirator fraudulently obtained approximately $769,200.00 but used only a portion of that money to purchase foreign currencies as promised. Orestis and his co-conspirator made payments to some investors that totaled approximately $132,200.00 falsely portraying the performance of their Equivest accounts. As a result, investors were defrauded a total of approximately $637,000.00.
Orestis is scheduled to be sentenced on September 27, 2012. He is facing a maximum prison term of 20 years and a fine of $250,000.00. The case was investigated by the United States Postal Inspection Service and prosecuted by Assistant United States Attorney Bob Kinsella.