John A. Santilli Jr. was indicted on charges that he defrauded investors out of around $4.2 million in connection with the “Magic Mike Live” stage show at the Hard Rock Hotel and Casino in Las Vegas.
According to a news release from the U.S. Attorney’s Office, Central District of California:
“Santilli managed and partly owned Aloris Entertainment, LLC, which acquired an interest – through securities called “Class A Units” – in Mike’s Mobile Detailing, LLC, the company that operates the Magic Mike Live show in Las Vegas. Santilli raised funds from victims by soliciting investments in “Aloris Magic Mike LP,” a different business that he falsely told investors owned the Class A Units. Santilli allegedly lied to investors, telling them that, in return for their investment, they would receive “shares” in Aloris Magic Mike LP that corresponded to a particular number of Class A Units and entitled them to a percentage of the profits from “Magic Mike Live.” To bolster his false claims, the indictment states, Santilli used a doctored a legal document that made it appear that Aloris Magic Mike LP was a member (i.e., a shareholder) of Mike’s Mobile Detailing.”
The indictment also alleges that Santilli misappropriated a large portion of his victim’s investments, including withdrawing more than $1 million at casinos across the United States.
John A. Santilli Jr., of East Greenwich, Rhode Island, was charged with one count of securities fraud, eight counts of wire fraud, and one count of aggravated identity theft.
If you believe you have suffered losses due to the advice and/or actions of your broker or investment advisor, please contact us to discuss your possible claim.
