SAN FRANCISCO – David Scott Cacchione, 59, of San Carlos, was arrested and charged with conspiracy to commit wire fraud related to an investment fraud scheme. This announcement was made by United States Attorney Ismail J. Ramsey, FBI Special Agent in Charge Robert K. Tripp, and IRS Criminal Investigation (CI) Oakland Field Office Acting Special Agent in Charge Michael Mosley.
The criminal complaint alleges that Cacchione, along with an unidentified co-conspirator, deceived investors through an “Accounts Receivable Factoring Program.” They falsely assured investors that their funds would be used to buy investment-grade accounts receivable, promising returns of up to 2% per month. The complaint asserts these claims were misleading, and the funds were not used as promised. From November 2021 to September 2022, at least four victims reportedly lost about $1.1 million. Instead of investing the money, Cacchione and his co-conspirator allegedly spent it on personal expenses.
Charged with conspiracy to commit wire fraud under 18 U.S.C. § 1349 and 18 U.S.C. § 1343, Cacchione was arrested on January 16, 2024. He appeared in federal court in San Francisco on January 17, 2024, and remains in custody. His next court appearance is a detention hearing scheduled for 9:30 a.m. on January 19, 2024, before U.S. Magistrate Court Judge Lisa J. Cisneros.
It’s important to note that a criminal complaint is not a determination of guilt. All defendants are considered innocent until proven guilty. If convicted, Cacchione faces up to 20 years in prison and a fine of $250,000, plus restitution. Sentencing, if applicable, would be determined based on the U.S. Sentencing Guidelines and federal sentencing statutes.