Indictments Purportedly “Imminent” in Richmond Capital Group Case

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An attorney representing at least two individual defendants in the Richmond Capital Group case with the New York State Attorney General, has apparently been informed by a federal prosecutor that indictments are coming.

Richmond Capital Group was sued by the NY AG on June 10th, the same day that the Federal Trade Commission brought its own action.

Both before and since then, two individual defendants have attempted to avoid giving testimony in the AG investigation on the basis that it could be used against them in a looming criminal matter. As no criminal charges have been filed in connection with these civil actions against any such defendant so far, it has been challenging to get a judge to sympathize with the argument that the criminal matter is complicating their compliance.

But the imminence and reality of criminal charges appears to have ratcheted up, according to a recent hearing transcript that has been made public. The attorney representing two defendants in the AG case told the judge that the criminal matter is now in the hands of Louis Pellegrino, Assistant US Attorney for the Southern District of New York. According to a phone call he recalled having with AUSA Pellegrino, the AUSA stated that he will “unequivocally” bring indictments in connection with this case and that it’s “imminent.”

Also disclosed in the hearing transcript is that the New York District Attorney is said to have originally examined this case about two years ago and declined to file any charges. A federal prosecutor then picked it up instead.

It is worth noting that although the most high profile defendant in the AG and FTC cases concerning Richmond is an inmate named Jonathan Braun, Braun was not one of the defendants represented by the above referenced attorney and so as far as statements made about indictments go, nothing indicates that these in any way refer to him.

Last modified: August 31, 2020

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