ADVERTISEMENT

ADVERTISEMENT

FEDS: West Palm Beach Investment Fraudster Pleads Guilty To Running Two Investment Fraud Schemes; Led Victims To Lose Over $3 Million

Prison
Salvatore Renaldi, 44, of West Palm Beach, was the founder and CEO of The Sanctum Group of Companies, Inc., Sanctum Publishing and Marketing, Ltd., and Sanctum Media Group, Inc. (the “Sanctum companies”). During the change of plea hearing before U.S. District Judge Roy K. Altman, Renaldi admitted that he and others used the Sanctum companies to solicit funds from victim investors.

MIAMI, FL – Fifty-four-year-old West Palm Beach, Florida resident Salvatore Renaldi pled guilty last week in South Florida federal district court to orchestrating and running two investment fraud schemes that led victims across the country to collectively lose over $3 million.  

Renaldi was the founder and CEO of The Sanctum Group of Companies, Inc., Sanctum Publishing and Marketing, Ltd., and Sanctum Media Group, Inc. (the “Sanctum companies”). During the change of plea hearing before U.S. District Judge Roy K. Altman, Renaldi admitted that he and others used the Sanctum companies to solicit funds from victim investors.

To induce people to invest, Renaldi lied to them, promising to use their money to build a profitable business and guaranteeing a solid return on their investment. In addition, Renaldi failed to tell investors that he had a history of violating federal securities laws and that he used most of their money to pay for his personal expenses, make cash withdrawals, pay prior investors, and pay undisclosed commissions and fees. From about 2011 to 2015, Renaldi defrauded approximately 14 Sanctum company investors out of almost $1.5 million.

Renaldi also was associated with Magnum Health Management, Magnum Media Management, and Magnum Media Mining (the “Magnum companies”) [also based in West Palm Beach]. During the change of plea hearing, Renaldi admitted that he represented himself to the public as the Magnum companies’ CEO, owner and operator. When soliciting funds for the Magnum companies, Renaldi falsely told investors that he would use their money as working capital and to build diabetes clinics. Instead, Renaldi used almost all the money for his personal use and benefit. From about 2017 to 2019, Renaldi defrauded approximately 14 Magnum company investors out of more than $1.6 million. 


FREE DIGITAL SUBSCRIPTION: GET ONLY 'FEATURED' STORIES BY EMAIL

Big Tech is using a content filtering system for online censorship. Watch our short video about NewsGuard to learn how they control the narrative for the Lamestream Media and help keep you in the dark. NewsGuard works with Big-Tech to make it harder for you to find certain content they feel is 'missing context' or stories their editors deem "not in your best interest" - regardless of whether they are true and/or factually accurate. They also work with payment processors and ad-networks to cut off revenue streams to publications they rate poorly by their same bias standards. This should be criminal in America. You can bypass this third-world nonsense by signing up for featured stories by email and get the good stuff delivered right to your inbox.
 

Renaldi pled guilty to one count of wire fraud. Judge Altman will sentence Renaldi on January 4, 2022, at 2:00 p.m., in federal district court in Fort Lauderdale. He faces up to 20 years in federal prison. Juan Antonio Gonzalez, Acting U.S. Attorney for the Southern District of Florida, and George L. Piro, FBI Miami, announced the guilty plea. This case is prosecuted by Assistant U.S. Attorney Yisel Valdes.


Comment via Facebook

Corrections: If you are aware of an inaccuracy or would like to report a correction, we would like to know about it. Please consider sending an email to corrections@publishedreporter.com and cite any sources if available. Thank you. (Policy)