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Thursday, May 25, 2017

Calif. man sentenced to prison in loan scheme

All WNY News     Thursday, May 25, 2017    

STAFF REPORTS



BUFFALO -- Robert Storey, 67, of Gardena, Calif., who was convicted of wire fraud, was sentenced to 33 months in prison by U.S. District Judge Richard J. Arcara.

Assistant U.S. Attorney Russell T. Ippolito, Jr., who handled the case, stated that the defendant defrauded a film production company located in England in an advance fee scheme, which resulted in $300,000 dollars in financial losses. Storey represented to the victim film production company that he and co-conspirators could obtain a standby letter of credit from banks outside the United States. The defendant assured representatives of the film production company that he could monetize the stand by letter of credit, which would provide the film production company with millions of dollars in loans.

As part of the scheme, Storey required the investment company to provide him with $300,000, which would purportedly cover the costs associated with the financial transaction. The film production company provided the funds but instead of using the money to obtain financing, the defendant, and his co-conspirators, used the funds for their own purposes.

The defendant similarly defrauded two other film production companies.  The total loss amount for all three film production companies was $780,000.

Four co-conspirators: Rhett Shepard; Nick Mussolini; John Nielsen; and Rodney Walker, have already been convicted and sentenced.

The sentencing is the result of an investigation by the Federal Bureau of Investigation.

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