Queensbury man arrested for alleged wire fraud

A Queensbury man was arrested on Friday in an FBI investigation for alleged wire fraud.

ALBANY, N.Y. (NEWS10)-- A Queensbury man was arrested on Friday in an FBI investigation for alleged wire fraud. Police said Kris Roglieri, 44, was charged after defrauding a Minnesota company in December 2023.

Roglieri operated the Albany-based lending companies Prime Capital Ventures LLC and Prime Commercial Lending LLC. A criminal complaint was made against Prime Capital Lending for claiming to be a commercial lender.

On December 22, 2023, Roglieri signed a deposit agreement with a Minnesota business stating that Interest Credit Account (ICA) payments needed to be made upfront, deposited in a separate bank account, and held as a trust fund. The Minnesota business wire transferred $5 million in ICA payments they said were used by Roglieri.

The business reported to the authorities that the funds were misused, with $84,000 allegedly spent on a Rolex watch and $101,000 on a private jet for a family vacation from Albany International Airport to Anguilla, spanning from December 29, 2023, to January 5, 2024.

Prime Capital received upfront interest payments that they labeled as Interest Credit Account (ICA) payments from prospective borrowers while they were looking to secure loans for the prospective borrowers. The upfront payments were debited as the loan was funded and accrued more interest. The ICA payments were refundable if the company couldn't find a loan for the borrower.

If convicted, Roglieri faces up to 20 years in prison, a maximum $250,000 fine, and three years of probation. He is scheduled for a detention hearing on Monday, June 3 at 3 p.m. in Albany.