Texas Man Pleads Guilty to Wire Fraud
CONCORD - Shiva Chandan Reddy Thudi, 26, of Irving, Texas pleaded guilty in federal court to wire fraud, United States Attorney Scott W. Murray announced today.
According to court documents and statements made in court, Thudi attended college in New Hampshire from 2015 to 2017. During that time, he established relationships with and defrauded several individuals who were foreign citizens living in the United States. In essence, Thudi falsely told his victims he was seeking investors to share in the profits of business ventures that involved his producing and distributing films in the United States. In reality, Thudi was not a movie producer or distributor and, instead, he used his victim’s money for his own personal benefit. To keep the scheme going, Thudi engaged in a classic Ponzi scheme by using money paid by later victims to pay supposed “returns” on the “investment” made by earlier victims.
When interviewed by the Federal Bureau of Investigation, Thudi admitted he stole substantial amounts of money from the victims by selling illusory ownership interests in several films to them. Additionally, he admitted that he used the victims’ money for his personal benefit and to make lulling payments to keep the scheme going. In total, Thudi stole more than $100,000 from his victims.
Thudi is scheduled to be sentenced on July 29, 2020.
“Those who commit fraud crimes cause tremendous financial harm and betray the trust of their victims,” said U.S. Attorney Murray. “Thanks to the work of the FBI, this individual’s fraud scheme has been stopped and he is being held responsible for his actions. We will continue to work closely with the FBI and other law enforcement agencies to identify and prosecute those who commit fraud in the Granite State.”
“Shiva Chandan Reddy Thudi used the allure of moviemaking to persuade his victims to invest more than $100,000 in his big-screen productions. What he didn't keep for himself, he circulated back into his Ponzi scheme to pay 'returns' to those who jumped on board early. But just like the films he pitched, it was all make-believe,” said Joseph R. Bonavolonta, Special Agent in Charge of the FBI Boston Division. “Today’s guilty plea illustrates how the FBI will not hesitate to pursue anyone who defrauds others for their own personal profit. We'd also like to thank Rivier College for their cooperation with this investigation."
This matter was investigated by the Federal Bureau of Investigation. The case is being prosecuted by Assistant U.S. Attorney Matthew T. Hunter.