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Press Release

Bay Area Executive Indicted In Investment Fraud Scheme

For Immediate Release
U.S. Attorney's Office, Northern District of California
Renato Libric Arrested In Connection With Alleged $1.5 Million Wire Fraud Scheme

SAN FRANCISCO – Bay Area executive and Croatian national Renato Libric was arrested yesterday in Redwood City, Calif., on charges related to an alleged $1.5 million investment fraud scheme, announced Acting United States Attorney Alex G. Tse and Federal Bureau of Investigation Special Agent in Charge John F. Bennett.  In an indictment filed yesterday and unsealed this morning, a federal grand jury charged Libric with forging signatures on documents to carry out the fraud.

According to the indictment, between August of 2017 and February of 2018, Libric, 39, was a shareholder in, and chief executive officer of, Delaware corporation Bouxtie, Inc.  The indictment alleges Libric fraudulently placed on a term sheet the signature of an executive of a large publicly traded corporation.  The term sheet indicated the publicly traded corporation was interested in purchasing Bouxtie at a price of $150,000,000.  Libric then allegedly caused the fraudulent term sheet to be transmitted to potential investors.  In addition, the indictment alleges Libric fraudulently placed the signatures of several members of Bouxtie’s board of directors on a Bouxtie corporate resolution.  The corporate resolution purported to authorize Libric to enter into agreements pursuant to which Bouxtie could receive a $1.5 million loan from a Las Vegas-based company.  Under the terms of the loan, the Las Vegas investor eventually would receive just under 4% of the shares of Bouxtie.  According to the indictment, the Las Vegas company was, in fact, defrauded and invested $1.5 million in Bouxtie.  Further, the indictment alleges that after the $1.5 million was deposited into a Bouxtie bank account, Libric withdrew more than $130,000 of the invested funds from the account.  In sum, the indictment charges Libric with one count of wire fraud, in violation of 18 U.S.C. § 1343 and 2.  

Libric made his initial appearance this morning in before Joseph C. Spero, United States Magistrate Judge.  Libric’s next appearance is scheduled for May 15, 2018, before Magistrate Judge Spero for identification of counsel and issues related to pretrial detention or release.  

An indictment merely alleges that crimes have been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt. If convicted, the defendant faces a maximum sentence of 20 years in prison.  In addition, the court also may order an additional term of supervised release, fines or other assessments, and restitution, if appropriate. However, any sentence following conviction would be imposed by the court only after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.  

Assistant U.S. Attorney Matthew McCarthy is prosecuting the case with assistance from Bridget Kilkenny.  This prosecution is the result of an investigation by the Federal Bureau of Investigation. 

Updated May 30, 2018

Securities, Commodities, & Investment Fraud