Ohio Man Who Fled to Peru to Avoid Charges Pleads Not Guilty

30 Oct 2015 | Author: | No comments yet »

Accused Ponzi schemer Eric Bartoli arrives in Ohio to face 12-year-old indictment.

AKRON, Ohio — Eric Bartoli, a Northeast Ohio man who is just now facing decade-old charges in connection to what prosecutors say is a $65 million investment scheme, was ordered detained Thursday afternoon, and will remain so at least until his case is over.CLEVELAND – A fugitive accused of running a large-scale ponzi scheme out of Doylestown is back in northeast Ohio after being on the run for more than a decade.

According to the Department of Justice, Eric Bartoli, 61, is accused of operating a company called Cyprus Funds, which was incorporated in Central America, to sell certificates of deposit and unregistered mutual funds. In 2003, an indictment was filed against Bartoli on charges of conspiracy, securities fraud, sale of unregistered securities, wire fraud, mail fraud, money laundering, and attempted income tax evasion. “The fact that this man is back on American soil and will finally stand before a judge to answer to these charges is a tribute to all who have worked on this case,” said Steven M. The FBI and Internal Revenue Service say his company, Cyprus Funds, promised investors high yields in conservative blue-chip stocks and raised about $65 million in 1995-99, when dividend checks stopped being mailed to Ohio investors. Adams and court staff at the federal courthouse in Akron are arranging for an extra room for those wishing to attend Thursday’s arraignment, as they expect a large number investors who lost money to Bartoli to attend. Attorney Steven Dettelbach praised efforts by current and former federal prosecutors and agents who worked on the case and said their work is the reason Bartoli is back to face his charges.

Two men who ran Cyprus Funds along with Bartoli, Douglas Shisler of Doylestown and Peter Esposito of Middleburg Heights, served less than three years in prison for their roles in the scheme. If convicted, the defendant’s sentence will be determined by the court after review of factors unique to this case, including the defendant’s prior criminal record, if any, the defendant’s role in the offense, and the characteristics of the violation. Limited copyright is granted for you to use and/or republish any story on this site for any legitimate media purpose as long as you reference 7thSpace and any source mentioned in the story above.

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