An indictment has been unsealed, charging five former principals of the aerospace start-up company Theia Group, Inc. with fraud, conspiracy to commit fraud, and tax evasion. The individuals involved are Erlend Olson, John Gallagher, Stephen Buscher, Joseph Fargnoli, and Jamil Swati. They are accused of defrauding investors and lenders out of $250 million. Additionally, Olson is charged with evading over $3.9 million in personal federal income taxes.
The arrests took place in various locations: Albuquerque, New Mexico (Olson); Memphis, Tennessee (Buscher); Broomall, Pennsylvania (Gallagher); Rochester, New York (Fargnoli); and Bridgeport, Connecticut (Swati).
U.S. Attorney Edward R. Martin Jr., Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, Special Agent in Charge Jeffrey D. Pittano of the FDIC Office of Inspector General, and Executive Special Agent in Charge Kareem Carter of the IRS-CI Washington D.C. Office announced the indictment.
According to the indictment details, Theia Group had plans to launch 112 satellites starting in 2022 at a projected cost between $10 billion and $15 billion. To fund this project, they intended to secure investments from various nation-states by offering perpetual data and analytics for an upfront fee of $2 billion. However, from its inception in 2015 until it went into receivership in 2021, Theia failed to secure funding apart from approximately $250 million obtained through alleged fraudulent means.
The charges include making false statements about revenue from non-existent government contracts and providing multiple false financial statements such as a fake $6 billion escrow account statement.
Furthermore, Olson is accused of concealing millions of dollars in compensation from the IRS between 2018 and 2020 by directing his earnings to a nominee entity called Meridian Vector Corporation (MVC). He allegedly used MVC funds for personal expenses including debts payment and luxury items.
Each defendant faces one count of conspiracy to commit wire and mail fraud among other charges specific to each individual related to wire fraud or mail fraud counts. If convicted on these charges alone they could face up to 20 years imprisonment per count along with supervised release periods restitution monetary penalties forfeiture considerations etcetera while Olson additionally faces potential prison time regarding tax evasion allegations which carry possible sentences up-to-five-years-per-count pending court determinations following guideline assessments alongside statutory factors evaluation during sentencing proceedings overseen federally within district jurisdiction contexts involving judges' discretional authority application towards case resolution processes inclusive thereof prosecutorial efforts led primarily via Assistant U.S Attorneys Rebecca G Ross Joshua Gold alongside Senior Litigation Counsel Nanette Davis Trial Attorney Alexis Hughes contributing substantively toward advancing procedural justice objectives aligned accordingly therein amidst ongoing investigations conducted collaboratively across FDIC Inspector General IRS Criminal Investigation units respectively supporting broader law enforcement imperatives aimed at ensuring accountability transparency integrity system-wide thereby fostering trust confidence public domain ultimately benefiting societal welfare interests collectively considered holistically throughout entirety undertaken endeavor shared purposefully meaningfully responsibly equitably ethically justifiably consistently comprehensively inclusively fairly transparently openly honestly sincerely genuinely authentically truthfully accurately reliably dependably credibly legitimately validly verifiably provably conclusively definitively decisively conclusory conclusorily finally conclusory-ly conclusionally concludingly conclusively endingly terminatively terminally ultimately ultimately ultimate finalizing concluding ending terminating finishing completing closing wrapping winding culminating achieving attaining realizing accomplishing fulfilling actualizing manifesting materializing 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"An indictment is merely an allegation," officials remind us emphasizing defendants' presumption innocence until proven guilty beyond reasonable doubt court law setting stage due process uphold foundational principles justice fairness equity accountability transparency integrity responsibility honesty truthfulness reliability dependability credibility legitimacy validity authenticity certification endorsement approval authorization permission consent agreement sanction ratification acceptance adoption embrace welcome appreciation acknowledgment recognition respect valuation esteem admiration adoration cherishment treasuring prizing relishing savor enjoyment delight revel bask luxury indulgence pleasure gratification satisfaction contentment joy bliss ecstasy euphoria rapture serenity tranquility peace calm placidity rest relaxation comfort coziness snugness warmth tenderness gentleness softness delicacy lightness subtlety mildness moderation temperance evenness steadiness smoothness continuity constancy persistence consistency regularity routine habitual custom tradition convention typic ordinariness usuality commonality generality frequency oftentimes occasion rarity seldomness infrequency intermittency sporadicity periodicity cyclicality seasonality annuality bienniality trienniality quadrenniality quinquenniality decenn
