Federal prosecutors have obtained a guilty plea from a New York man accused of running a multi-decade scheme that stole more than $54 million from investors through nonexistent equipment loans.
Richard Teplitsky, 72, of Williamsville, was the president of Woodhill Capital Corporation and admitted to mail fraud before U.S. District Judge John L. Sinatra, Jr., says the U.S. Attorney’s Office for the Western District of New York.
The defendant promised investors returns as high as 14% on loans for commercial equipment purchases but instead diverted most of the funds to pay earlier participants.
He supplied fake financing agreements and payment schedules to keep the appearance of legitimate activity while making monthly distributions on the 10th or 25th of each month.
“Between the mid-1990s through March 2026, despite his representations to investors, Teplitsky did not use most investor money to fund loans to borrowers. Instead, he used their money to pay amounts Woodhill owed to prior investors. Teplitsky would create fraudulent equipment financing agreements and amortization schedules falsely representing to investors that their money was being used to fund loans to borrowers.”
By March 2026, the operation listed roughly 1,800 fabricated loans tied to about 200 investors and produced total losses of $54,406,742.
A conviction for mail fraud carries a maximum of 20 years in prison and a $250,000 fine.
Assistant U.S. Attorney Paul E. Bonanno is handling the prosecution following an investigation by the FBI.
Sentencing is expected at a later date.
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The post New York Resident Siphons $54,406,742 in Ponzi-Style Investor Fraud, Faces Decades Behind Bars appeared first on The Daily Hodl.