WASHINGTON—A Las Vegas man pleaded guilty today to conspiracy for his role in an investment fraud scheme that promoted fraudulent investment opportunities and caused more than $5 million in losses to investors.
Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division, U.S. Attorney Daniel G. Bogden of the District of Nevada and Special Agent in Charge Laura A. Bucheit of the FBI’s Las Vegas Field Office made the announcement.
Joseph Micelli, 62, pleaded guilty before U.S. District Judge Kent J. Dawson of the District of Nevada to conspiracy to commit wire fraud and securities fraud. His sentencing is scheduled for Feb. 23, 2016.
As part of his plea, Micelli admitted that he conspired with others in the United States and Switzerland to promote investments and loan instruments that he knew to be fraudulent. The conspirators told victims that, for an up-front payment, a Swiss company known as the Malom Group A.G. would provide access to lucrative investment opportunities and substantial cash loans. In connection with his plea, Micelli admitted that he held himself out to investors as an attorney, when in fact he had lost his license to practice law. In addition, as part of an effort to defraud an investor who held an equity stake in a corporation that had filed for bankruptcy, Micelli submitted a sworn affidavit to the U.S. Bankruptcy Court for the District of New Hampshire, in which he made false statements about the Malom Group’s ability to provide financing to the debtors.