Wedding Photographer Allegedly Scammed Friends, Family Out of $1M
A lawsuit, filed Thursday in Brooklyn Federal Court, accuses a New Jersey wedding photographer of bilking acquaintances, friends, and family out of over $1 million in a fraudulent investment scheme. The indictment was reviewed by The New York Post and Patch.
Between 2021 and May of this year, 28-year-old Vincent Villafane Cruz duped victims into investing in rare graphics cards for gaming laptops, claiming he could acquire them for $1,500 before selling them for $3,700. According to the indictment, the accused allegedly told potential investors “he was connected with a manufacturer overseas who would sell him graphics cards at low wholesale prices, and that he would then resell the cards at a consideration markup due to a purported global chip shortage.”
Villafane scammed approximately 40 people, many of whom lived on Staten Island. A large number of these victims were either elderly or hard-working public servants. He allegedly ripped off friends, and even his own father-in-law, who “entrusted Villafane with large portions of their savings,” the lawsuit reads. One investor lost up to $115,000, according to prosecutors.
It was determined that Villafane often “immediately” used any donated funds “for his personal benefit including for general living expenses, gambling and online sports betting, entertainment, travel and luxury purchases.”
Prosecutors claim Villafane never bought a single gaming chip. However, on June 2, 2022, the same day he was given a $16,000 investment, Villafane allegedly put down an “all-cash down payment of $26,500 for an Audi luxury car.” The Audi was ultimately repossessed when Villafane was unable to pay off the rest of the vehicle.
When the victims realized the ruse and cornered Villafane about returning their investments, he allegedly “provided fabricated excuses, including telling several victims that [he] could not repay them because the IRS had frozen his accounts.” The indictment claims that at no point were Villafane’s accounts frozen by the IRS. Villafane apparently reimbursed a few victims with a partial amount of their investment, but often those checks would bounce.
Villafane was due in court on December 14. His case eerily mirrors that of financial podcaster Matthew Motil. Earlier this year, Motil was indicted by the SEC for taking more than $11 million from his listeners in a Ponzi scheme. He spent the money on electronics and fast food.
This is a developing story. Check back later for more information.