Alan Brian Baiocchi, the former president and operator of Intro Technology Services, a telemarketing company that was based in Newport Beach, CA has been convicted of two counts of wire fraud for soliciting investments in gas and oil wells in Oklahoma during the 1990s.
Biaocchi has been scheduled for sentencing on Jan. 31 in Santa Ana, CA, at the U.S. District Court for the Central District of California. He faces a possible sentence of ten years in prison, a fine of $500,000 or greater, as well as being required to make restitution to the investors.
The court found that Biaocchi and telemarketers who worked for him made numerous misrepresentations about oil and gas wells, which had never been acquired. More than 250 victims invested more than $5.7 million, including more than $2.9 million in undisclosed commissions deposited in bank accounts controlled by Biaocchi, the court said.
The case was investigated by agents the California Department of Justice, U.S. Postal Inspectors Office, Federal Bureau of Investigation and the Securities and Exchange Commission.
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