In April 2021, California’s U.S. Attorney’s Office charged California resident Ronald Shane Flynn a/k/a Ronnie Shane, 57, with investment fraud. He allegedly defrauded more than 100 investors out of $14M in alleged pre-IPO investment opportunities and worked with boiler rooms in the Philippines. The U.S. regulator SEC had charged Shane, his Vuuzle Media Corp., and his co-conspirator Richard Marchitto with investment fraud in January 2021. Flynn is on the run and allegedly continues to operate such fraudulent investment schemes. We’d like to know more.
The case in a nutshell
According to the indictment, Ronald Shane Flynn was the founder and operator of Vuuzle Media Corp., which purported to be a streaming media business with offices in New York, Las Vegas, the United Arab Emirates, the Philippines, and other locations throughout the world. Flynn also falsely told investors that their money would be used to operate and build Vuuzle’s online streaming business, as well as to take the company public, and he promised investors they would receive dividend payments from their investments in Vuuzle Media, which never made a profit. Flynn did not intend to conduct an IPO for Vuuzle, the indictment alleges.
Out of the $14 million raised in investor funds, Flynn allegedly took a large portion of investor money to support his lavish lifestyle, including purchases at resorts and jewelry merchants, using an American Express credit card paid for by Vuuzle Media.
On the run and active
The whereabouts of Ronnie Shane are apparently unknown to U.S. authorities. They suspect him to be in the Philippines or Dubai. U.S. citizen Richard Marchitto lives in New Jersey. For his alleged offenses, he would face a maximum sentence of 300 years in federal prison, according to U.S. Attorneys.
We have heard from victims that Ronald Share Flynn continues to be active with such investment scams. Therefore, we would like to know more about these activities and Flynn’s whereabouts. Please share your information with FinTelegram through our whistleblower system, Whistle42, or via email to fintelegram[at]protonmail.com.
