A federal grand jury has indicted Avi Fogel, also known as Avi King, and Christos Chrestatos on charges related to an alleged investment fraud scheme. Both men face one count of conspiracy to commit wire fraud and four counts of wire fraud. Additionally, Fogel is charged with one count of false writings to a government agency and another count of wire fraud.

Fogel, 47, from San Francisco, who has used several aliases including Aaron Rose and Aaron Rothchild, surrendered himself on November 7, 2024. He appeared in federal court in Oakland the same day. Chrestatos, 45, from Long Island and also known as Chris Silverman, was arrested recently and appeared in federal court in New York.

The indictment alleges that the defendants pretended to be entertainment industry producers with connections to celebrities. They reportedly met potential victims through various means such as dating websites and shared taxi rides. At times they claimed affiliation with "Universal" studios. The indictment states that they misled victims about their ability to secure investment deals in films and television projects despite having no actual ties or affiliations.

To further their scheme, the defendants allegedly created entities like Suzy and the Sock Dragon Media Group LLC to attract investors. They reportedly obtained approximately $167,100 from multiple victims under false pretenses.

Additionally, Fogel is accused of submitting a fraudulent loan application for $52,400 to the U.S. Small Business Administration's Economic Injury Disaster Loan Program by overstating his company's financial activities.

United States Attorney Ismail J. Ramsey announced these charges alongside FBI Special Agent Robert K. Tripp.

Both men have been released on bond pending trial proceedings. Fogel is scheduled for a status hearing on December 9 before Judge Araceli Martínez-Olguín.

It is important to note that an indictment merely alleges crimes have occurred; all defendants are presumed innocent until proven guilty beyond a reasonable doubt. If convicted on counts one through five related to conspiracy and wire fraud charges each defendant could face up to 20 years imprisonment along with fines among other penalties; additional sentences apply specifically if Fogel is convicted on other charges listed within the indictment.

Assistant U.S. Attorney Benjamin K Kleinman will prosecute this case assisted by Kay Konopaske following an investigation led by the FBI.