Entrepreneur charged with wire fraud, accused of stealing millions

CAPITAL REGION, N.Y. ( NEWS10 ) -Kris Roglieri is described on his website as a serial entrepreneur and philanthropist. He is also the CEO of a commercial lending business accused of holding out on its borrowers; failing to fund projects and using payments on himself and other clients. If he’s found guilty, these charges can land Roglieri up to 20 years in prison.

The U.S. Attorney’s Office says Prime Capital Ventures requires upfront interest payments to secure loans for borrowers. The largest being a $5 million down payment for a commercial project with a Minnesota company. The problem is that Prime Capital allegedly failed to fund numerous other loans and used that down payment on multiple personal purchases. They include:

• $84,000 on a Rolex day-date 36 mm yellow gold diamond bezel watch
• $101,000 on private air travel between Albany International Airport and Anguilla for a family vacation

Roglieri is also said to have transferred $950,000 in order to meet a financial obligation to another Prime Capital client. Fraud allegations stem from multiple clients of Prime Capital and Commercial LLCs.

Roglieri appeared in court back in May and again for a detention hearing in June. According to court documents, the CEO allegedly sent text messages that said he would seek vengeance against the attorneys, judge, and proceeding receiver. The government argued he was a flight risk and a danger to the community. Rensselaer County Sheriff’s Office confirmed to NEWS10 that Roglieri is in Rensselaer County jail.

Bankruptcy proceedings are also ongoing for Roglieri. NEWS10’s Anthony Krolikowski plans to meet with Megan Hennessey, Executive Director of the Saratoga Automobile Museum, who is in charge of auctioning his assets.

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