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.