PONTIAC (WWJ) -- An Oakland County man has agreed to pay back the money, while pleading guilty to charges in a scheme targeting people who wanted to buy small businesses.
The Michigan Attorney General's Office says 63-year-old Denny DiCapo of Rochester Hills last week pleaded guilty as charged — with a delayed sentence — to one count of Conducting a Criminal Enterprise, a 20-year felony, and six counts of larceny by conversion, $1,000 to $20,000, five-year felonies, as a fourth habitual felony offender.
This comes after investigators say DiCapo used his corporations, Biz Capital Brokerage, Inc. and Energy Acquisition Specialist, Inc., to defraud seven victims out of $26,000 in deposits for the purchases of businesses.
According to the AG's office, DiCapo identified himself as a business broker and listing agent for restaurants, a gas station, an automobile service center, and a jewelry/pawn store. "DiCapo persuaded victims to pay him refundable good-faith deposits in order to purchase these businesses, but then stole the money when the deals fell through," according to a news release.
The AG said DiCapo accepted a plea deal in the case, and as part of it he immediately paid $5,000 in restitution. Per the agreement, DiCapo will pay the remaining $21,000 in restitution during an 11-month delayed sentence.
If he does repay it, within those 11 months, the charge of Conducting a Criminal Enterprise will be dismissed and DiCapo will be sentenced on the remaining charges with a minimum sentencing guideline range of 10 to 46 months, the AG said.
If he fails, the agreements states that he will be sentenced on all of the charges.
“If we strive for a state where small businesses can flourish, we must secure a safe marketplace for investments and business transactions,” said AG Dana Nessel, in a statement. “Bad actors will take advantage of any marketplace where large sums are moving between parties. Importantly this plea agreement will see the victims’ funds restored on a reasonable timeline.”
DiCapo is scheduled to be placed on delayed sentence on September 18, 2023, before Judge Kwamé L. Rowe in Oakland County Circuit Court.
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