A federal grand jury has indicted Avi Fogel, also known as Avi King, and Christos Chrestatos on charges of conspiracy to commit wire fraud and multiple counts of wire fraud. Additionally, Fogel faces charges for false writings to a government agency.
Fogel, 47, from San Francisco, surrendered himself on November 7, 2024. On the same day, he appeared in federal court in Oakland. Chrestatos, 45, from Long Island, New York, was arrested today and made his initial appearance in federal court in the Eastern District of New York.
The indictment filed on October 3, 2024, and unsealed on November 7 alleges that the defendants engaged in an investment fraud scheme by pretending to be producers with connections to prominent figures in the entertainment industry. They allegedly claimed affiliations with "Universal" and deceived victims into investing in non-existent film projects.
The indictment states that they created entities such as Suzy and the Sock Dragon Media Group, LLC; Rhinoheart Films, LLC; and The Book Media Group, LLC to attract investors. The fraudulent activities reportedly resulted in approximately $167,100 being obtained from victims under false pretenses.
Furthermore, it is alleged that Fogel submitted a fraudulent loan application to the U.S. Small Business Administration through the Economic Injury Disaster Loan Program. He received $52,400 based on misrepresented financial details related to his company.
United States Attorney Ismail J. Ramsey and FBI Special Agent Robert K. Tripp announced these developments. Both defendants have been released on bond pending further legal proceedings. Fogel's next court appearance is scheduled for December 9 before Judge Araceli Martínez-Olguín.
An indictment serves as an allegation of criminal activity; all defendants are presumed innocent until proven guilty beyond a reasonable doubt. If convicted of conspiracy to commit wire fraud and wire fraud charges (counts one to five), each defendant could face up to 20 years imprisonment along with fines and supervised release terms. For count six (wire fraud), Fogel could face up to 30 years imprisonment if convicted; for count seven (false writings), he faces up to five years imprisonment.
Assistant U.S. Attorney Benjamin K. Kleinman is leading the prosecution with assistance from Kay Konopaske following an FBI investigation.