NEVADA
A former lawyer admitted to conspiring with others to sell investment opportunities that he knew were fraudulent, according to authorities.
The conspirators told victims that for the up-front payment a Swiss company known as the Malom Group A.G. would provide lucrative investment opportunities and substantial cash loans, according to authorities.
Joseph Micelli, 62, plead guilty last week in federal court to conspiracy to commit wire fraud and securities fraud. His sentencing is scheduled for Feb. 23, officials said.
Micelli admitted that he held himself out to investors as an attorney, when in fact he had lost his license to practice law.
In addition, as part of an effort to defraud an investor who held an equity stake in a corporation that had filed for bankruptcy, Micelli submitted a sworn affidavit to the U.S. Bankruptcy Court in New Hampshire, in which he made false statements about the Malom Group’s ability to provide financing to the debtors, officials said.
Five other defendants have been charged in the case and are awaiting trial or extradition, officials said.