Florida Man Charged in $3.9 Million Fraud Scheme Targeting Investors
PITTSBURGH - A resident of Tampa, Fla., was indicted on Dec. 3, 2013, by a federal grand jury in Pittsburgh on charges of wire fraud, United States Attorney David J. Hickton announced today.
The 13-count indictment named Fotios Geivelis, Jr., a/k/a Frank Geivelis, a/k/a Frank Anastasio, 34, as the sole defendant.
According to the indictment, Geivelis, through operation of his Florida company, Worldwide Funding III, Ltd. (WWF), obtained in excess of $3.9 million in increments of $60,000 or $90,000 from more than three dozen investors, to each of whom he promised to obtain a $10 million “non-recourse” overseas loan for a “humanitarian” or “job-creating” project. The funds were wired into the escrow accounts of a Florida attorney Geivelis designated as the “Paymaster,” and thereafter paid out to that attorney, brokers who had referred the investors to WWF and to Geivelis, who spent his share on personal expenses such as hotels, casinos, restaurants, strip clubs, automobiles, clothing and jewelry. No loans were ever obtained for the investors, who Geivelis attempted to lull by repeated assurances that their deals would close within a short period of time.
The law provides for a maximum total sentence (at each count) of 20 years in prison, a fine of $250,000 or both. Under the Federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offense and the prior criminal history, if any, of the defendant.
Assistant United States Attorney Leo M. Dillon is prosecuting this case on behalf of the government.
The United States Secret Service conducted the investigation leading to the indictment in this case.
An indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.