The Securities and Exchange Commission (SEC) announced that it has charged a New York City man with continuing a previously charged scheme.
According to the US regulator, James Siniscalchi, Chief Compliance Officer, at a firm, claiming to have special access to profitable and highly sought-after event tickets, knowingly misused investor money to benefit himself and his extended family.
Siniscalchi stole millions of dollars from investors who were allegedly falsely promised their money would be used only to purchase tickets to events including the Broadway shows Harry Potter and the Cursed Child, Hello Dolly, and Bruce Springsteen on Broadway, and a professional boxing match between Floyd Mayweather Jr. and Conor McGregor.
What happened, however, is that Siniscalchi allegedly misused investor funds to benefit himself and Joseph Meli (who ultimately settled to SEC fraud charges and pled guilty to securities fraud in a parallel criminal action) and his family.
As alleged in our complaint, investors were lured in with promises of big profits, but Siniscalchi really just took over his cousin’s fraudulent scheme to steal money,” said Paul Levenson, Director of the SEC’s Boston Regional Office. “Even after charging Meli, who is now in prison for his similar scam, the SEC’s investigative team continued working to protect investors from related bad conduct.