“Magic Mike Live” Show: Man Pleads Guilty To Defrauding Investors Of $4.2m

Las Vegas: According to the Justice Department, a man from Rhode Island admitted guilt on Thursday to defrauding people who believed they were making investments in the Las Vegas “Magic Mike Live” performance.

The 48-year-old John A. Santilli Jr. entered a guilty plea to one count of wire fraud and one count of securities fraud. According to the government, he acknowledged cheating investors out of more than $4.2 million.

According to his plea agreement, Santilli managed and had a share of ownership in Aloris Entertainment, LLC, which bought a stake in the business that runs the “Magic Mike Live” stage performance.

According to the agreement, Santilli spent a “substantial amount” of the investments made by the victims, including withdrawing over $1 million at casinos around the nation.

Santilli allegedly caused losses of $4,258,679, according to the prosecution.

On April 20, 2023, Santilli will be given a sentence; the highest possible prison term is 40 years.

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