Legal News

Follieri to Do Time, Relinquish Pricey Timepieces

By Dan Slater

Earlier today, as expected, the jet-setting, Anne-Hathaway-dating Raffaello Follieri pleaded guilty to conspiracy, eight counts of wire fraud and five counts of money laundering in connection with a real-estate investment scheme designed to fund his lavish lifestyle. Here’s the DJ Newswire story, and here’s the plea agreement, which contains an enviable list of fine timepieces that Folieri must forfeit.

“I did not have investor authorization to use the money that way,” Follieri said. “I knew what I was doing was wrong.”

Follieri, an Italian citizen, will likely be deported after he serves his time. He faces 51 months to 63 months under a stipulated sentencing guidelines range as part of his plea agreement. Sentencing is set for Oct. 3. As part of his plea, Follieri agreed to forfeit more than $2 million.

Click here and here for past LB coverage of the Follieri affair.

Full post as published by Law Blog - WSJ.com on September 10, 2008 (boomark / email).