"Pildes, of Hewitt, New Jersey, in fact donated just a small fraction of the $2 million in ticket sales and $675,000 in charitable commissions from venues. The money instead went to a slush fund, an entity called Creative Opportunities Group Inc., and ultimately to funding a luxe lifestyle for Pildes, prosecutors say."
"He took advantage of New Yorkers' generous holiday spirit to finance his lifestyle through personal expenses, big and small. No matter how you dress it up, fraud is fraud, U.S. Attorney for the Southern District of New York Jay Clayton said in a news release announcing the charges."
Stefan Pildes, the founder of SantaCon, faces charges of wire fraud for allegedly misappropriating over half of the $2.7 million raised for charity. Prosecutors claim he used the funds for personal luxuries, including fine dining, luxury vacations, and home renovations. Since November 2019, Pildes defrauded participants and small business owners, donating only a small fraction of ticket sales to charity. The indictment details extensive personal expenditures funded by the event's proceeds, leading to a maximum sentence of 20 years in prison if convicted.
Read at www.amny.com
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