CHARLOTTE, N.C. (QUEEN CITY NEWS) – A Mooresville man faces federal charges in an alleged investment fraud scheme and COVID-19 relief funds theft involving more than $2.6 million.
Authorities allege that Steven Andiloro, 51, operated an investment fraud scheme from 2018 to 2021, getting victims to invest their money in real and fake businesses. He allegedly made false and fraudulent representations about where and how the victims’ money would go into investments.
The indictment charges Andiloro with securities fraud and wire fraud, which carry a maximum prison sentence of 20 years, a $250,000 fine for each offense, and money laundering. The laundering charges carry a maximum penalty of 10 years in prison.
In the indictment, Andiloro allegedly promised some of his victim investors their money going into a non-existent marijuana dispensary business in exchange for a ten percent ownership stake. Instead, Andiloro used the funds to pay personal expenses and make Ponzi-style payments to other investors.
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Andiloro also fraudulently obtained funds from the Paycheck Protection