MIAMI, Fla. (CW44 News At 10) – Fifty -four -year -old West Palm Beach, Florida resident Salvatore Renaldi vowed this week in South Florida federal district court for organizing and operating two fraud schemes the investment led victims across the country to collectively lose more than $ 3 million.
Renaldi is the founder and CEO of The Sanctum Group of Companies, Inc., Sanctum Publishing and Marketing, Ltd., and Sanctum Media Group, Inc. (the “Sanctum companies”). At the adjournment of the plea hearing before U.S. District Judge Roy K. Altman, Renaldi admitted that he and others used Sanctum companies to solicit funds from victimized investors. To persuade people to invest, Renaldi lied to them, promising to use their money to build a profitable business and guarantee a stable return on their investment. In addition, Renaldi failed to tell investors that he had a history of violating federal securities laws and he used most of their money to pay his personal expenses, make cash withdrawals, pay previous investors, and pay unpaid commissions and fees. From about 2011 to 2015, Renaldi defrauded approximately 14 investors in the Sanctum company worth nearly $ 1.5 million.
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Renaldi is also associated with Magnum Health Management, Magnum Media Management, and Magnum Media Mining (the “Magnum companies”). During the change plea hearing, Renaldi admitted that he represented himself publicly as CEO, owner and operator of the Magnum companies. When asking for funding for 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 of the money for his personal use and benefit. From about 2017 to 2019, Renaldi defrauded approximately 14 investors in the Magnum company of more than $ 1.6 million.
Renaldi committed a number of wire frauds. Judge Altman will try Renaldi on Jan. 4, 2022, 2:00 p.m., in federal district court in Fort Lauderdale. He faces up to 20 years in federal prison.
Juan Antonio Gonzalez, Acting U.S. Attorney for the Southern District of Florida, and George L. Piro, FBI Miami, announced the guilty plea.
This case was indicted by Assistant U.S. Attorney Yisel Valdes.