Ex-California man accused of wire fraud in ‘boiler room’ scheme that defrauded investors for $ 14 million
Man charged in ‘boiler room’ plan ‘has defrauded more than 100 investors of $ 14 MILLION while spending $ 5 million on resorts, jewelry and nightclubs’
- Ronald Shane Flynn, 57, is accused of wire fraud after allegedly defrauding more than 100 investors of $ 14 million
- Former Southern California resident offered a ‘pre-IPO’ investment opportunity in his online streaming and entertainment business
- Flynn reportedly never intended to disclose the company and instead used investor funds to pay for resort stays, nightclub visits and jewelry
- Flynn used a ‘boiler room’ plan by hiring vendors, mainly in the Philippines, to use high pressure to convince investors
A former Southern California man was charged on Wednesday with running a “ boiler room ” plan that raised more than 100 investors worth $ 14 million.
Ronald Shane Flynn, who once lived in Orange County, was indicted by a federal grand jury on 15 wire fraud cases.
He is accused of making investments with no intention of paying back money and using $ 5 million of the proceeds to fund his own lavish lifestyle.
According to the prosecutor’s office, Flynn, 57, is said to have left the United States more than a decade ago and carried out his plan while operating mainly from the Philippines and Dubai.
The alleged fraudster heads Vuuzle Media Corp., which claims to be a streaming media and entertainment company with offices in New York, Las Vegas and worldwide.
Ronald Shane Flynn was indicted by a federal grand jury on 15 wire fraud cases
Ronald Shane Flynn leads Vuuzle Media Corp., which claims to be a streaming media and entertainment company with offices in New York, Las Vegas and worldwide
Prosecutors alleged that as of September 2016 the company offered an opportunity to invest in the company before the first public share offering, prosecutors said.
Flynn set up a ‘boiler room’ of salespeople, mainly located in the Philippines, who used high-pressure tactics to raise about $ 14 million from investors.
According to the indictment, Vuuzle never made a profit, Flynn never paid dividends to investors, and he never intended to make the company public.
According to authorities, only a small percentage of the money actually went to the streaming business.
About $ 5.5 million was used to pay for commissions and expenses for the recruiting efforts, while Flynn used nearly $ 5 million to fund a luxury lifestyle, including buying jewelry, paying for resort stays and nightclub visits, authorities said. .
Flynn’s social media posts have a lavish lifestyle with expensive cars and yachts
Another photo on social media entitled ‘Just docked and thinking !!!!’ using a stock photo of a yacht
Ronald Shane Flynn charged with wire fraud after allegedly defrauding more than 100 $ 14 million investors and facing up to 300 years in prison
Flynn, who is referred to online as Ronnie Flynn or Ronnie Versace, boasts on his website that he is a ‘living testimony to a successful life well lived’.
Flynn portrayed a lavish lifestyle on social media, posting a seemingly mix of his own photos and stock photos.
A Facebook photo had the caption ‘Dubai is fun at night. Even on my friends’ small boat, the world is getting smaller. ‘
Many of Flynn’s social media posts feature photos of extravagant cars and yachts, along with photos of piles of money and gold.
A photo entitled ‘Gold is just gold !!!!!’ displays a photo that does not belong to Flynn
Flynn often posted photos on social media showing his lavish lifestyle in a variety of destinations
A social media post shows piles of money that Flynn claimed represented ‘just another day on Vuuzle TV’
Attorneys at Vuuzle Media Corp. said in one statement that “it has not applied high pressure sales tactics such as those characterized by the Commission”.
They did admit that they offered common stock investments at $ 5 per share, offered warrants, and that none of the exempt securities were registered with the Commission.
They also denied that Vuuzle’s US bank account reflects total business revenue of less than $ 1,670.
If convicted of the criminal charges, Flynn could face a prison sentence of up to 300 years.