A million-dollar executive has been indicted with five others by federal grand jurors in connection with businesses that collapsed amid a web of investment fraud.
The indictment charges Angelo Tullo with 29 counts of conspiracy, money laundering and wire fraud at American Business Funding Inc. and HVAC Depot Inc. It says Tullo and his co-defendants defrauded investors of more than US$22 million.
Also indicted were Gene Monteleone, James Nova, John R. "Rick" Wolfe, Margaret Molter and Allan Guttentag.
Charges against Tullo and Monteleone echo federal bankruptcy findings that accuse the two men of looting investors in a two-pronged conspiracy.
