Irving Man Accused Of Stealing $100K For Fake Movie Rights
CONCORD, N.H. (CBSDFW.COM/AP) - A man admitted to stealing more than $100,000 from people by selling them fake ownership interests in several films and then using the money for himself, the U.S. attorney's office in New Hampshire said.
Shiva Chandan Reddy Thudi, 26, of Irving, recently pleaded guilty in federal court to wire fraud.
Court documents say Thudi, who attended college in New Hampshire from 2015-2017, told people he was seeking investors to share in the profits of business ventures that involved his producing and distributing films. In reality, he wasn't a movie producer or distributor.
Prosecutors said Thudi engaged in a classic Ponzi scheme by using money paid by later victims to pay supposed "returns" on the "investment" made by earlier victims.
Thudi is scheduled to be sentenced on July 29.
Joseph Bonavolonta, special agent in charge of the FBI Boston Division, said "just like the films he pitched, it was all make-believe."
(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)