Former Albany executive pleads guilty to wire fraud conspiracy

Video features NEWS10's original coverage from September 2024.

ALBANY, N.Y. (NEWS10) -- The U.S. Attorney's Office confirmed that Chris Snyder, the former chief operating officer of Prime Capital Ventures, pleaded guilty on Friday in an ongoing fraud investigation. The business's owner, Kris Roglieri, was indicted back in September.

As part of his plea agreement, Snyder confessed to conspiring with Roglieri and another partner to defraud clients of Prime Capital. The scheme involved accepting upfront interest payments from borrowers to secure loans, while allegedly using the money to fund older projects and gradually debiting the payments as loans were funded and accrued more interest.

Roglieri additionally stands accused of defrauding businesses through Prime Capital funding and using payments for over $1.5 million in personal purchases. He faces up to 20 years in prison if convicted.

Snyder pleaded guilty to one count of conspiracy to commit wire fraud before Judge Mae D’Agostino in Albany on Friday. He's scheduled to be sentenced on September 16.