Prosecutors: Queensbury lender misspent funds on gold watch, vacation

A Queensbury man is accused of misusing hundreds of thousands of dollars of a client’s money on personal expenses. That includes a gold watch and a lavish vacation.

Kris Roglieri, who owns commercial lending company Prime Capital Ventures, took a $5 million payment from a Minnesota company, the U.S. Attorney’s Office said on Friday.

Roglieri, 44, allegedly transferred $950,000 to pay another client. He also spent $84,000 for a Rolex gold diamond bezel watch and $101,000 for round-trip private air travel from Albany to Anguilla for a family vacation from Dec. 29, 2023 to Jan. 5 of this year, investigators said.

Prime Capital claimed to be a commercial lending company and obtained upfront interest payments from clients across the country to secure loans.

Prosecutors allege that Prime Capital had committed to fund a $100 million commercial project. However, the company never disclosed the problems they had.

Roglieri was charged with one count of wire fraud. He was arraigned Friday in U.S. District Court and detained pending a detention hearing June 3.

He faces up to 20 years in prison if convicted.