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Wire Fraud Penalty: Charges against a Barbados resident who allegedly pretended to be an Ivy Leaguer with Wall Street experience include operating a $3.1 million stock scam

Barbados resident who allegedly pretended to be an Ivy Leaguer with Wall Street experience includes operating a $3.1 million stock scam, charged with wire fraud penalty.

Wire Fraud Penalty (Photo: Horwitz and Citro)

Wire fraud penalty for Slaga

In an August 2 indictment, Christopher Anthony Slaga, 50, aka “Keith Renko,” a convicted felon who allegedly pretended to be an experienced Wall Street stock trader and operated a securities fraud that cost victims’ investors about $3.1 million, was charged with eight counts of wire fraud. Authorities are still looking for Slaga, who is wanted for fleeing and will be charged with a wire fraud penalty.

Slaga is accused of soliciting individual investors to make capital commitments of at least $25,000 to his companies through websites, private placement memoranda, and other forms of communication. He allegedly did this by pretending to be a hedge fund manager for non-advisers and he will be charged with wire fraud penalty.

It is reported that Slaga promised victims that he would utilize their funds to invest in various assets using a unique computer-based quantitative and statistical algorithm through brokerage accounts at JPMorgan and Goldman Sachs. He will be charged with a wire fraud penalty when allegedly he wanted to maximize the total reimbursement on capital.

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Charged with wire fraud penalty

The indictment claims that from at least March 2018 through this year, Slaga was the president and chief executive of several businesses, including JMC 4 Group LLC and Q4 Capital Group LLC, which allegedly engaged in trading using “different strategies for each gain ” through “a bifurcated trading approach.” Slaga also allegedly managed the East Coast operations of JMC 4 and Q4 Capital with an alias.

The indictment claims that he instead spent the funds on commissions, reimbursing other investors, and paying for his own expenses such rent, loan, and credit card bills, personal stock trading, and private school tuition. Slaga is to blame for not investing the funds from the victim investors in JMC 4 and Q4 Capital. Slaga is charged with failing to disclose to investors that, in 2003, the Southern District of Texas convicted him guilty of wire fraud penalty and sentenced him to four years in prison and a $19,665,300 reparation order.

He is accused of inflating profits while showing false investor holdings on fake paperwork from Goldman Sachs, JPMorgan, and Deloitte. Based on the accusation, Slaga lost 13 investors a total of almost $3.1 million. In relation to the alleged plot to deceive investors, the US Securities and Exchange Commission filed a complaint against Slaga on Monday. Slaga would be subject to a statutory maximum sentence of 20 years which is a wire fraud penalty in federal prison for each count of wire fraud penalty if found guilty on all charges.

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