Date: Nov. 25, 2024 Contact: newsroom@ci.irs.gov SAN FRANCISCO — Thomas Aaron Signorelli pleaded guilty today in federal court to one count of bank fraud, two counts of wire fraud, one count of conspiracy to commit wire fraud, one count of theft of government property, one count of destruction of records, and one count of conspiracy to launder money. Signorelli of West Palm Beach, Fla., was charged by information on Sept. 19, 2024. In pleading guilty to all seven counts in the information, Signorelli admitted that beginning in January 2021 to around December 2023, he falsely claimed he could assist individuals and entities in need of capital by raising funds, obtaining loans, and securing profitable investments through his company WS Capital, which was registered with the Securities and Exchange Commission. In fact, Signorelli did not raise capital, obtain loans, or secure profitable investments, and instead used the victims’ funds to pay his personal and living expenses, as well as to pay back other victims. Signorelli engaged in one of the fraud schemes with his co-conspirator David Scott Cacchione. As part of that scheme, Signorelli and Cacchione convinced investors that their money would be used to purchase accounts receivables that did not exist. Rather than use the funds as promised, Signorelli typically shared a portion of the funds with Cacchione and used the remainder to pay personal and living expenses and repay other victims. Through his various schemes, Signorelli defrauded individuals and entities of more than $2,500,000. Signorelli further admitted that he conspired with an attorney in Florida to launder fraud proceeds through the attorney’s client trust account in order to disguise the source and nature of the fraud proceeds. The plea agreement also describes that, in December 2021, Signorelli was introduced to an individual who claimed to be looking for someone to launder large sums of drug trafficking proceeds. Signorelli offered to use WS Capital accounts to launder the supposed drug trafficking proceeds and accepted approximately $150,000 in government funds from an undercover government agent. Instead of laundering those funds, Signorelli stole the money and used it to pay his personal expenses. Signorelli further admitted that he caused applications for a Paycheck Protection Program loan and an Economic Injury Disaster Loan to be submitted to the Small Business Administration (SBA) on behalf of a Napa real estate venture that he had formed. Signorelli made false representations about the venture’s revenues, payroll, and employee count in order to obtain over $50,000 in disaster relief loans. Finally, in August 2022, Signorelli learned that the FBI had obtained a warrant to search his mobile phone. As detailed in his plea agreement, prior to turning in his mobile phone, Signorelli deleted electronic communications on his device in order to obstruct the government’s investigation. The announcement was made by United States Attorney Ismail J. Ramsey, FBI Special Agent in Charge Robert Tripp, IRS-CI Oakland Field Office Acting Special Agent in Charge Michael Mosley, and Small Business Administration (SBA) Office of Inspector General (OIG) Special Agent in Charge of the Western Region Weston King. Signorelli remains free on a $200,000 appearance bond imposed on Sept. 20, 2024. His sentencing hearing is scheduled for Mar. 24, 2025 before the Honorable James Donato, U.S. District Court Judge. However, any sentence will be imposed by the court only after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553. Signorelli’s co-conspirator Cacchione pleaded guilty on Aug. 14, 2024, and was sentenced by Judge Donato on Nov. 4, 2024, to a 40-month term of imprisonment. Assistant U.S. Attorney Garth Hire is prosecuting the case. The prosecution is the result of an investigation by the FBI, IRS-CI, and SBA OIG. IRS-CI is the criminal investigative arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money-laundering, public corruption, healthcare fraud, identity theft and more. IRS-CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a more than a 90 percent federal conviction rate. The agency has 20 field offices located across the U.S. and 12 attaché posts abroad.
