New York Resident Siphons $54,406,742 in Ponzi-Style Investor Fraud, Faces Decades Behind Bars

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.

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