The firm is offering free initial consultations to investors who did business with David Scott Cacchione.
On January 16, 2024, a criminal complaint filed in the U.S. District Court for the Northern District of California, Cacchione is alleged to have engaged in conspiracy to commit wire fraud relating to an accounts receivable factoring scheme.
According to the complaint, Cacchione, 59, of San Carlos, worked with another person to solicit investors in what they called an “Accounts Receivable Factoring Program.” The complaint alleges Cacchione and an unnamed co-conspirator told victims that investment funds would be used to purchase investment grade accounts receivable, and that investors would be repaid once the receivables were paid. According to the complaint, investors were promised as much as 2 percent per month in interest on the investment and were told that Cacchione himself was a large investor in the program.
The complaint alleges these representations were false and the investment funds were not used to purchase accounts receivables. From at least November 2021 through September 2022, at least four victims were cheated out of a total of about $1.1 million, according to the allegations. The complaint also states that, instead of investing the money as promised, Cacchione and his co-conspirator spent the money on personal and living expenses. The criminal complaint charges Cacchione with conspiracy to commit wire fraud, in violation of 18 U.S.C. § 1349 and 18 U.S.C. § 1343. See, complaint_filed-signed-copycacchione.pdf.
If you did business with Cacchione and are interested in learning more about your legal rights and remedies, please contact Richard A. Nervig ([email protected]) at (760) 451-2300.