Michael T. Sigilitto, of Webster Groves, faces accusations of misleading
investors from 2000 – 2007 in a
Ponzi scheme to the tune of $52.5 million. Sigilitto, in a classic example of
affinity fraud, is said to have used his social and religious connections, along with
high-pressure tactics, to reel in investors.
The scheme is said to have involved the loan of money from investors in
the U.S. to clients in the United Kingdom for
high returns over a short period of time. According to Dennis L. Baker, head of the
FBI in St. Louis, “the amount of money stolen in this case is the
largest in the history of the Eastern District of Missouri."
Reportedly, the scheme also involved two others, James Scott Brown of Leawood,
Kansas, and Derek J. Smith of Oxfordshire, England. All three face charges
of conspiracy to commit mail and wire fraud. Sigilitto is additionally
facing 21 counts of money laundering, mail fraud, and wire fraud.
Sigilitto has already been involved in civil suits from the investors he
allegedly defrauded. Among the items seized from Sigilitto’s home
by the FBI were rare books, expensive wines, and Persian rugs. Sigilitto
has pleaded not guilty.
The securities fraud attorneys with Meyer Wilson have recovered losses
for victims of securities fraud nationwide. If you have been the victim
of a Ponzi scheme, contact us today at (888) 390-6491 to talk about your