According to prosecutors, starting in 2018, Wander began investing in "new sectors with less certain cash-flow profiles, including streaming platforms, airlines, and professional sports teams such as Sevilla FC and Genoa CFC". They said he did this knowing that the Miami-based group either did not have the funds or had already pledged it to other lenders, and attempted to conceal this.
In a complaint filed in U.S. District Court in Miami, the Securities and Exchange Commission on Thursday charged co-founders of Retail Ecommerce Ventures LLC with carrying out fraudulent securities offerings, misusing investor funds and making Ponzi-like payments to investors. According to the SEC complaint, the company's primary business was to purchase distressed but recognizable retail companies and convert them into online-only operations.
I did everything Ted asked me to do and never questioned him. I concealed my relationship with Ted from the board and shareholders and allowed others to use my signature, not telling investors and the public that the company was failing even though I knew it was.
"The judge's decisions were limiting a great deal of the evidence," Corozzo explained of the decision that ultimately led Franzone to plead guilty instead of facing a jury.
