Queensbury man arrested for alleged wire fraud

ALBANY, NY (NEWS10) – A Queensbury man was arrested Friday as part of an FBI investigation into suspected wire fraud. Police said Kris Roglieri, 44, was charged after defrauding a Minnesota business in December 2023.

Roglieri operated the Albany-based lending companies Prime Capital Ventures LLC and Prime Commercial Lending LLC. A criminal complaint has been filed against Prime Capital Lending for pretending to be a commercial lender.

On December 22, 2023, Roglieri signed a deposit agreement with a Minnesota company stipulating that Interest Credit Account (ICA) payments were to be made in advance, deposited into a separate bank account, and held as funds in trust. The Minnesota Trade Wire transferred $5 million in ICA payments that they say were used by Roglieri.

The company reported to authorities that the funds were misappropriated, with $84,000 allegedly spent on a Rolex watch and $101,000 on a private jet for a family vacation from the Albany International Airport to Anguilla, from 29 December 2023 to January 5, 2024.

Prime Capital received initial interest payments that it characterized as Interest Credit Account (ICA) payments from potential borrowers as it sought to obtain loans for the potential borrowers. Upfront payments were charged as the loan was funded and accrued more interest. ICA payments were refundable if the company was unable to arrange a loan for the borrower.

If convicted, Roglieri faces up to 20 years in prison, a maximum fine of $250,000 and three years of probation. He is scheduled to appear for a detention hearing on Monday, June 3 at 3 p.m. in Albany.