Kris Roglieri, CEO of Prime Capital Ventures and described as a serial entrepreneur, is facing serious fraud charges related to misuse of borrower funds. The U.S. Attorney’s Office has accused Roglieri’s commercial lending company of failing to fund loans and using payments meant for business projects for personal expenses.
One of the most significant allegations involves a $5 million down payment made by a Minnesota company for a commercial project. Instead of funding the project, Roglieri allegedly used the down payment for lavish personal purchases, including an $84,000 Rolex and $101,000 in private air travel for a family vacation to Anguilla. Additionally, he is accused of transferring $950,000 to meet obligations to another client of Prime Capital.
These fraud allegations have been raised by multiple clients of Prime Capital and its affiliated LLCs, and if Roglieri is convicted, he could face up to 20 years in prison.
Roglieri’s legal troubles escalated following court appearances in May and June. According to court documents, he allegedly sent threatening messages expressing intentions to seek revenge against attorneys, the judge, and the appointed receiver. As a result, the government deemed him a flight risk and a danger to the community. He is currently being held in the Rensselaer County jail.
In addition to the criminal charges, Roglieri is also involved in bankruptcy proceedings. His assets are being auctioned, and Megan Hennessey, Executive Director of the Saratoga Automobile Museum, is overseeing the process.