Three well-respected Italian brands – De Rosa bikes, Limar helmets, and De Marchi apparel – have been caught up in a multi-million dollar Ponzi-style scheme, the US Securities and Exchange Commission (SEC) alleges.
The three brands were independently in negotiations with Outdoor Capital Partners (OCP), a Denver-based investment fund active in the cycling industry. The SEC and U.S. Attorney’s Office for New Jersey allege that the company’s managing director, Sam Mancini, “orchestrated an investment fraud scheme and fraudulently obtained more than approximately $10 million from victims.”
This alleged deception, spanning from at least February 2020 until July 2021, misappropriated investor funds on the pretense that OCP would acquire the Italian brands at a planned cost of €3.2 million euros (US$3.7 million) for Limar, and €9.5 million euros (US$11.2 million) for De Rosa.
After OCP failed to agree to terms…