Used Name “Magnum Health Management” To Solicit Funds.
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — The FBI just told BocaNewsNow.com that Palm Beach County resident Salvatore Renadli will spend 42 months in prison for running two investment fraud schemes.
This is the official statement from the FBI:
Fifty-four-year-old West Palm Beach, Florida resident Salvatore Renaldi has been sentenced in South Florida federal district court to 42 months in federal prison for orchestrating and running two investment fraud schemes that led victims across the country to collectively lose over $3 million.
Renaldi was the founder and CEO of The Sanctum Group of Companies, Inc., Sanctum Publishing and Marketing, Ltd., and Sanctum Media Group, Inc. (the “Sanctum companies”). Renaldi and others used the Sanctum companies to solicit funds from victim investors. To induce people to invest, Renaldi lied to them, promising to use their money to build a profitable business and guaranteeing a solid return on their investment. In addition, Renaldi failed to tell investors that he had a history of violating federal securities laws and that he used most of their money to pay for his personal expenses, make cash withdrawals, pay prior investors, and pay undisclosed commissions and fees. From about 2011 to 2015, Renaldi defrauded approximately 14 Sanctum company investors out of almost $1.5 million.
Renaldi also was associated with Magnum Health Management, Magnum Media Management, and Magnum Media Mining (the “Magnum companies”). Renaldi admitted that he represented himself to the public as the Magnum companies’ CEO, owner and operator. When soliciting funds for the Magnum companies, Renaldi falsely told investors that he would use their money as working capital and to build diabetes clinics. Instead, Renaldi used almost all the money for his personal use and benefit. From about 2017 to 2019, Renaldi defrauded approximately 14 Magnum company investors out of more than $1.6 million.
Juan Antonio Gonzalez, Acting U.S. Attorney for the Southern District of Florida, and George L. Piro, FBI Miami, announced the sentence imposed by U.S. District Judge Roy K. Altman.
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