LANSING (WWJ) - A 62-year-old Oakland County man faces several charges after officials say he ripped off prospective business owners out of thousands of dollars after their deals fell through.
Michigan Attorney General Dana Nessel said Denny DiCapo of Rochester Hills faces time behind bars after he was arraigned on Friday at Oakland County’s 52-3 District Court on the following charges:
• Five counts of larceny by conversion, $1,000 to $20,000, five-year felonies
• One count conducting a criminal enterprise, a 20-year felony.
Nessel said DiCapo ran a now-defunct company, Biz Capital Brokerage, Inc., which he used to take refundable good-faith deposits from six victims who were purchasing businesses.
The department claims DiCapo told the victims he was a business broker and a listing agent for various companies, including restaurants, a gas station and a vehicle service center.
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The victims were persuaded to pay their deposits to DiCapo in an effort to purchase the businesses he said he represented; he then took the money after the deals broke down, Nessel's office said.
“Exploiting hardworking people with the intent to scam them out of their hard-earned money will not be tolerated by my Financial Crimes Division,” Nessel said. “We will fight for residents who are cheated and pursue accountability for bad actors.”
A judge set DiCapo’s bond at $100,000 cash. If he is released from the Oakland County Jail, he was ordered to wear a GPS tether.
DiCapo is set to appear back in court on August 2 for a probable cause conference.
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