Leah B. Foley United States Attorney for the District of Massachusetts | Department of Justice
Luciano Schipelliti, a 28-year-old from Haverhill, was charged in federal court in Boston on Mar. 18 with wire fraud after allegedly obtaining $350,000 from investors through false claims about cryptocurrency funds.
The case highlights concerns about investor protection and transparency in the growing field of cryptocurrency investments. Authorities allege that Schipelliti misled investors by providing false information about the performance of his funds.
According to charging documents, Schipelliti established the Superstars Fund in the fall of 2018 and raised approximately $275,000 to invest in cryptocurrency. By 2019, he had lost all of the money through unsuccessful investments but did not inform his investors. Instead, starting around November 2020, he began sending monthly newsletters falsely reporting that the fund continued to grow in value.
Based on these misrepresentations, Schipelliti launched a new fund called the TTM Fund in February 2021 and raised an additional $350,000 for cryptocurrency investments. By September 2021, authorities allege that all of this money was also lost—primarily through poor investments and some expenditures inconsistent with the fund's operating agreement.
Schipelliti has agreed to plead guilty before Senior United States District Judge F. Dennis Saylor at a date yet to be determined by the court. The charge of wire fraud carries a potential sentence of up to 20 years in prison, three years of supervised release, and a fine of $250,000. Sentencing will be determined by a federal district court judge based on U.S. Sentencing Guidelines and other statutory factors.
United States Attorney Leah B. Foley said: "The details contained in the charging document are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law." Ted E. Docks, Special Agent in Charge of the Federal Bureau of Investigation’s Boston Division, joined Foley in announcing the charges.
