Luciano Schipelliti pleaded guilty to wire fraud for allegedly soliciting investors and misrepresenting cryptocurrency fund performance. Prosecutors said he raised about $350,000, reported continued gains despite losses, and later continued misleading investors through newsletters.

Luciano Schipelliti, of Haverhill, pleaded guilty in the District of Massachusetts to wire fraud following allegations that he misled investors about cryptocurrency fund performance. Prosecutors said Schipelliti solicited investment funds using statements intended to portray the fund’s results as profitable and stable, including claims about continued gains. The government alleged that he raised approximately $350,000 through a cryptocurrency investment fund. Prosecutors further contended that the representations were not accurate: despite allegedly losing investors’ money through investments, Schipelliti purportedly told investors and supporters that performance was continuing positively. The scheme also allegedly involved ongoing communications meant to sustain confidence in the operation. Prosecutors said that after the initial fundraising, Schipelliti continued to mislead investors through newsletters, reinforcing the false narrative and helping prevent discovery of the losses. The plea reflects a fraud pattern involving deceptive marketing of investment opportunities and the dissemination of fabricated or materially misleading performance information by electronic means, consistent with wire fraud. The case illustrates how fraudsters may use cryptocurrency-related investment themes and regular investor updates to cultivate credibility and prolong victim harm.