Date: Jan. 19, 2024 Contact: newsroom@ci.irs.gov SAN FRANCISCO — David Scott Cacchione was arrested and has been charged by criminal complaint with conspiring to commit wire fraud in connection with an investment fraud scheme, announced United States Attorney Ismail J. Ramsey, IRS Criminal Investigation (CI) Oakland Field Office Acting Special Agent in Charge Michael Mosley, and Federal Bureau of Investigation Special Agent in Charge Robert K. Tripp. According to the complaint, Cacchione 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 Nov. 2021 through Sept.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. Cacchione was arrested on Jan. 16, 2024, and made his initial appearance in federal court in San Francisco on Jan. 17, 2024. Cacchione remains in custody pending further proceedings in the case. Cacchione's next scheduled appearance is at 9:30 a.m. on Jan. 19, 2024, for a detention hearing before U.S. Magistrate Court Judge Lisa J. Cisneros. A criminal complaint merely alleges that crimes have been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt. If convicted, the defendant faces a maximum sentence of twenty years in prison and a fine of $250,000, plus restitution if appropriate, for a violation of 18 U.S.C. § 1349. However, any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553. Assistant U.S. Attorney Garth Hire is prosecuting the case with the assistance of Aarian Beiti. The prosecution is the result of an investigation by CI and the FBI. 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. 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.
