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.READ MORE: 16-Year-Old Charged In 'Accidental' Shooting That Killed Another Teen In Dallas, Police Say
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.READ MORE: Capitol Riot Suspect From Texas Was Turned In To FBI By Bumble Match, Prosecutors Say
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.”
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