Kris Roglieri's Prime Capital Ventures Faces Chapter 7 Liquidation

The Saratoga Motorcar Auction has been approved by bankruptcy court to auction off the contents of Roglieri's Queensbury mansion. The Kris Roglieri fraud case has dramatically evolved from a local lending scandal to a federal investigation with potentially $120 million in missing funds. 

Currently, Roglieri faces multiple legal challenges, including a federal indictment for wire fraud and a Chapter 7 bankruptcy liquidation that threatens to dismantle his entire business empire

Detailed Timeline of Events

2022-2023: Initial Suspicious Activities

• September 2022 - January 2023: Bulk of questionable financial transactions occur

• Approximately $140 million cycles through Prime Capital Ventures' Citibank account

2024: Legal Escalation

• February 15: Roglieri files individual Subchapter V bankruptcy petition

• June 26: Arrested on initial wire fraud charges

• September 20: Indicted on five counts of wire fraud

• November 16: Scheduled estate and gun auction to liquidate assets

Detailed Fraud Mechanism

• Solicited upfront "Interest Credit Account" (ICA) payments

• Promised guaranteed loan securitization

• Systematically failed to return client deposits

• Created the illusion of legitimate lending operations

Victim Companies and Financial Losses

Documented Financial Impacts:

1. Onward Partners, LLC

   • Total ICA Deposit: $20 million

   • Unaccounted Funds: $4 million

   • Loss Percentage: 20%

2. B&R Acquisition Partners

   • Missing Funds: $4.3 million

   • Loan Promise: Commercial real estate development

3. Compass-Charlotte 1031, LLC

   • Missing Funds: $15.9 million

   • Projected Investment: Multi-state property portfolio

4. ER Tennessee LLC

   • Missing Funds: $15 million

   • Intended Project: Mixed-use commercial development

Cumulative Financial Impact:

• Total Alleged Missing Funds: $63 million

• Misappropriated Assets: $31.75 million

• Luxury Purchases: $16 million+

Luxury Assets Being Liquidated

• Automotive Collection:

  • One-of-11 Ferrari already sold in September auction

  • Multiple exotic cars seized by FBI

• Real Estate:

  • Queensbury mansion potentially worth nearly $2 million

  • Estate auction on November 16 includes:

    • Furniture

    • Home fixtures

    • 22 firearms

    • Sword and knife set

Financial Breakdown: Missing Funds

Total Missing Funds Progression:

• Initially estimated: $50 million

• Current estimate: $120-$125 million

Fund Recovery Status:

• Returned to customers: $57 million

• Unaccounted funds: Approximately $125 million

The case has moved from Chapter 11 to Chapter 7 liquidation, indicating a complete business failure rather than a restructuring opportunity.

Our Opinion

Kris Roglieri's criminal activities serve as a clear warning to all in the business lending industry. His case goes beyond personal failure, highlighting the fine line between aggressive financing and illegal actions.

Roglieri shattered trust, a fundamental pillar of our industry, by manipulating a system meant to support entrepreneurs. His ability to misappropriate $120 million illustrates how quickly ambitious financing can slip into fraud.

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