STRIPPING BANK ACCOUNTS

Man Pleads Guilty to Swindling ‘Magic Mike Live’ Investors Out of $4.2 Million, Prosecutors Say

The 48-year-old from Rhode Island reportedly used more than $1 million of investors’ money to gamble in casinos across the country.

A Rhode Island man has pleaded guilty to fraud charges after swindling investors out of more than $4.2 million with “false claims” their money was being invested in the “Magic Mike Live” show in Las Vegas, federal prosecutors said Friday. John A. Santilli Jr., 48, managed and partly owned Aloris Entertainment LLC, which acquired an interest in Mike’s Mobile Detailing LLC, the company that runs the “Magic Mike Live” stage show. He raised funds from investors for “Aloris Magic Mike LP,” a different business that prosecutors say he falsely claimed was involved in the “Magic Mike Live” show. Santilli Jr. reportedly used more than $1 million of investors’ money to gamble in casinos across the country. His sentencing is scheduled for April 20, where he’ll face a maximum of 40 years in federal prison.