A Williamsville man faces up to 20 years in prison and a $250,000 fine if he’s convicted on a six-count indictment alleging he ran a loan scheme where at least one victim lost more than $300,000, U.S. Attorney William J. Hochul Jr. reported Friday.
Nicholas Mussolini, 30, who ran Preston Waters Corp., a company that stated it was able to obtain “large loans” for other companies, was indicted on charges of wire fraud after he allegedly told victim companies that a deposit was required to secure the loans on their behalf, according to Assistant U.S. Attorney Maura K. O’Donnell.
As a part of the scheme, Knob Hall Winery provided more than $400,000 to Mussolini as a deposit for a nearly $11 million loan.
Authorities allege instead of using the money to obtain a loan for the winery, Mussolini used it for “personal and other expenses, and to repay other victims of the fraud scheme.”
Mussolini’s indictment culminates an FBI investigation.
Nicholas Mussolini, 30, who ran Preston Waters Corp., a company that stated it was able to obtain “large loans” for other companies, was indicted on charges of wire fraud after he allegedly told victim companies that a deposit was required to secure the loans on their behalf, according to Assistant U.S. Attorney Maura K. O’Donnell.
As a part of the scheme, Knob Hall Winery provided more than $400,000 to Mussolini as a deposit for a nearly $11 million loan.
Authorities allege instead of using the money to obtain a loan for the winery, Mussolini used it for “personal and other expenses, and to repay other victims of the fraud scheme.”
Mussolini’s indictment culminates an FBI investigation.