Stories
Kris Roglieri To Stay in Prison Indefinitely After Shocking Development
June 3, 2024Add credible threats to murder an FBI agent to the list of scandalous accolades that Kris Roglieri has racked up in recent months. On Monday, prosecutors revealed the rationale behind the unusual demand to have him detained for what is seemingly a white collar crime, and that is that he has become dangerous. According to calls and emails Roglieri had with an unnamed friend, he said would “take out” a judge and a receiver, that he was going to “wack anybody” that went after him, and that he had determined the home address of one of the FBI agents investigating him and that he planned to put a bullet in their head.
“when someone takes everything away from you . . . if I go down, everyone goes down,” he said.
When the FBI became fully aware of the circumstances, he was arrested and taken into custody on May 31 on a single charge of wire fraud. It is likely that more charges will follow given that more than $100 million of the funds he took from customers remain unaccounted for. Nevertheless, prosecutors used the danger he posed to secure his temporary detainment without bail and on Monday he was ordered to remain in prison indefinitely while awaiting trial. He is being represented by a public defender.
Meanwhile, Roglieri’s company Prime Capital Ventures has been in receivership while he himself is in Chapter 7. In the latter case, he was recently ordered to turn over all his assets, including ownership of his businesses. One of those businesses, NACLB, announced prior to the order that it was rebranding to a different name, was still accepting payments from customers, and that it was exciting to still be moving forward.
Kris Roglieri Arrested for Wire Fraud, in Jail
June 1, 2024Update: Roglieri to stay in prison indefinitely while awaiting trial after shocking revelations.
Kris Roglieri has been arrested by the FBI for wire fraud. He is currently in jail pending a June 3 hearing. The sealed criminal complaint was unsealed on Friday May 31 after months of news headlines and civil court proceedings revealed that his commercial lending business may have actually been operating as a fraudulent ponzi scheme. More than $100 million of customer funds are alleged to have gone missing. Roglieri himself is in personal Chapter 7 bankruptcy.
The criminal complaint focuses on just one alleged crime, however, wire fraud for how Roglieri dealt with a client named 1800 Park Avenue LLC. As part of that, Roglieri committed to fund a $98.9M line of credit to 1800 Park in exchange for a $5M upfront interest payment that would purportedly be held in trust. Roglieri is then alleged to have misappropriated all the funds for his own personal use.
Among all the former clients of Roglieri claiming they were victims of fraud, 1800 Park was one of the last to enter the picture. 1800 Park didn’t file its civil suit until April 3, months after several others, where it not only named Roglieri and his companies Prime Commercial Lending, LLC and Prime Capital Ventures, LLC as co-defendants but also three of Roglieri’s employees. Roglieri was the only person named in the criminal complaint, however.
Although Roglieri had represented in his Chapter 11 bankruptcy (now converted to Chapter 7) that his businesses had stopped operating, one of those businesses (NACLB) has publicly represented that it had merely rebranded to a new name, and it is still soliciting payments from potential customers under that name.
Kris Roglieri Bankruptcy Converted to Chapter 7, The End of NACLB?
May 15, 2024
A judge approved a motion to convert the Chapter 11 bankruptcy proceeding for the embattled Kris Roglieri to a Chapter 7. The intent behind this is to kickstart the process to sell off Roglieri’s assets for the benefit of creditors whereas before Roglieri hoped that his various wholly owned businesses could somehow continue. The trustee, however, said that such an outcome was impossible given that Roglieri did not maintain financial records, has no revenue coming in, is being investigated by the FBI for ~$100 million in allegedly missing customer funds, and has no path forward. The creditors at issue in the matter felt similarly.
Among Roglieri’s wholly owned assets are Commercial Capital Training Group and the National Alliance of Commercial Loan Brokers (NACLB conference), according to documents he previously submitted to the court. He owns 100% of the membership interest in each LLC. During a prior hearing, the Chapter 11 trustee asked Roglieri if he understood that he could not transfer NACLB’s assets without trustee approval after rumors swirled that he was trying to sell it. At the time, Roglieri said that there had been no serious talks in that regard. It may have been a hard sell and could still continue to be. Despite the NACLB conference’s longevity, for example, Roglieri asserted during the proceedings that he did not maintain formal financial records for it and there are no balance sheets, P&Ls, or statement of cash flows related to it. It also apparently stiffed the venue of its last event since it lists an unpaid debt of $436,237 to Caesars Entertainment in Las Vegas.
The NACLB conference has also apparently changed its name in order to distance itself from its connection with Roglieri, according to emails reviewed by deBanked. On March 25, an official NACLB mass email communication asserted that the conference would go forward “despite uncertainties surrounding this year’s event due to unrelated legal issues” and that “we are thrilled to announce that the annual conference will proceed this November under a new rebranded name, maintaining the trusted team that has organized the event for the past 9 years.”
Following that, an official NACLB conference representative sent out emails affirming that it was rebranding to the “Commercial Loan Broker Association” and that the conference would actually take place in a new location with a different date.
The Receiver managing Prime Capital Ventures, LLC, the main entity at the heart of the Roglieri saga, filed Chapter 11 bankruptcy protection for it on Tuesday. As part of that, he stated that the entity owes more than $100 million to its creditors.
Update on the Kris Roglieri Saga
April 24, 2024
The trustee overseeing Kris Roglieri’s Chapter 11 bankruptcy case asked the Court on Tuesday to convert it to a Chapter 7. That’s because among the facts to come out of that and related proceedings thus far is that Roglieri did not ever maintain financial records for his various business entities, has no revenue coming in, and has no path to keeping his businesses going. The trustee also noted the added complexity of an FBI investigation and that the Receiver in a related civil case believes Roglieri owes creditors more than $100 million, funds that were allegedly derived from a ponzi scheme.
A Chapter 7 is a liquidation. The Court still has to approve it. A Chapter 7 trustee would have added powers that allows them to pursue assets for the benefit of creditors. The assets would be sold off.
Up until at least one month ago, Roglieri’s wholly owned business, the National Alliance of Commercial Loan Brokers conference (NACLB), was still soliciting for sponsorships. However, the ability to purchase tickets was shut off in early April and as of last week the conference website has gone completely offline. Roglieri previously attested that $436,237 was outstanding and due to Caesars Entertainment in Las Vegas for their 2023 conference. The Receiver in the Prime Capital Ventures case has also argued that the NACLB bank account had been the recipient of at least $20,000 in allegedly misappropriated funds and that $200,000 had been withdrawn from the NACLB’s bank account to aid in the present legal defense of Roglieri.
Bankruptcy Court Orders Turnover of NACLB’s Assets
May 22, 2024The Court in Kris Roglieri’s newly converted Chapter 7 bankruptcy has ordered him to immediately turn over possession, custody, and control of his assets including all assets of the Commercial Capital Training Group and the National Alliance of Commercial Loan Brokers conference (NACLB). The order was issued today. The last update from the conference, prior to this order, was that it was purportedly still going forward under a rebranded name.
“If the Debtor is no longer in possession, custody, or control of an Estate Asset, the Debtor is to provide the Trustee with a detailed affidavit explaining why the Debtor is no longer in possession, custody, or control over the Estate Asset and providing details and contact information for whoever is in possession, custody, or control of the Estate Asset,” the order says.
The training group and conference were hardly Roglieri’s only assets. Also listed by name in the order are additional business entities, 20 guns, 7 watches, 33 pieces of artwork, 3 vehicles, and all of his office furniture.
Missing Funds in Prime Capital Ventures Case Now Exceed $90 Million
February 20, 2024
The case of the missing $50 million in the Prime Capital Ventures deposit scheme case is quickly ballooning to a much larger sum. On Tuesday, the Receiver representing Prime in the recovery efforts informed the Court that the total owed to victims is now almost $91 million and that it has yet to locate and secure anywhere near that amount. The growing number is attributed to the fact that more victim companies are beginning to come forward after news of the receivership and personal bankruptcy of Prime’s principal Kris Roglieri have been made public.
Roglieri’s attorney has asked the Court for the automatic stay of actions afforded to him in his personal bankruptcy be also applied to the other businesses he owns that the Receiver of Prime is suing, including the National Alliance of Commercial Loan Brokers entity. Roglieri is reportedly the 100% owner of the NACLB.
The party that sued Prime into receivership in the first place, a company named Compass-Charlotte 1031, LLC, said in its rebuttal to Roglieri’s request that not only is Prime indisputably insolvent but that there is no evidence that Roglieri’s other businesses at issue are not equally insolvent. Compass-Charlotte and the Receiver have both asked the Court not to extend the bankruptcy stay to these other businesses so that Prime can continue to pursue the assets.
NACLB Conference Founder Files Chapter 11
February 15, 2024
Kris Roglieri, founder of the National Alliance of Commercial Loan Brokers (NACLB) conference, filed for Chapter 11 on Thursday as his legal issues continued to accelerate. In addition to his primary business Prime Capital Ventures being placed into receivership, numerous lawsuits, and his home being raided by the FBI, yet another party filed suit this morning to say that it had also been scammed by Roglieri after paying him $6 million as an upfront payment for a loan that he then ghosted on. The Receiver in the case believes that victims lost more than $50 million “in what appears to be a multi-state fraud scheme.” He has not actually been charged criminally at this time.
Roglieri’s bankruptcy election was under subchapter V, meaning the debts listed are business debts. Among them is an unpaid bill for $436,237 to Caesars Entertainment in Las Vegas where the NACLB held its last conference this past September. Other debts include a $709,000 EIDL loan, $600,000 in outstanding state taxes, ~$1 million to law firms, and a $100,000 business line of credit for the Commercial Capital Training Group.
NACLB Named in Receivership Pursuit
February 13, 2024
A series of legal disputes between creditors and Prime Capital Ventures, LLC has taken an interesting turn. Originally, creditors forced Prime Capital Ventures, LLC, a commercial real estate financing firm, into involuntary bankruptcy late last year but withdrew it after a review determined that the assets they sought were allegedly no longer in the possession of the defendant. Despite this, related lingering issues kept the entity in receivership and on Jan 24 the Court appointed a permanent receiver. The Receiver, on behalf of Prime, then filed a lawsuit against its owner Kris D. Roglieri and his related entities including Prime Commercial Lending, LLC, Commercial Capital Training Group, The Finance Marketing Group, FUPME, LLC, and the National Alliance of Commercial Loan Brokers LLC and other individuals for the recovery of assets related to Prime.
The Receiver opens the lawsuit by saying that “This case involves what appears to be a multi-state fraud scheme with victims holding claims for well over $50 million for return of deposits, which were paid and then not returned.”
On February 2, FBI agents executed search warrants at the homes of Roglieri and Kimberly Humphrey, according to a letter filed by a lawyer for Prime which was reviewed by deBanked. They are in the process of getting separate criminal defense counsel, according to that letter.
The lawsuit by the Receiver against Roglieri et al can be viewed here.
