NEWARK, N.J. (BRAIN) — A criminal sentencing hearing has been delayed again for cycling investor Samuel J. Mancini, who pleaded guilty to one count of securities fraud last year. The hearing had been scheduled for Wednesday, but it was adjourned to an unspecified later date, a source familiar with the case told BRAIN.
Mancini was the director of a Denver-based fund that planned to invest in several well-known Italian cycling brands. He was arrested in July 2021 and now faces up to 20 years in prison and a $5 million fine for the one count.
Mancini initially was charged with securities fraud, two counts of wire fraud and a count of money laundering in the criminal case.
Sentencing has been delayed several times, but Wednesday's hearing looked set to happen on schedule, with both sides filing sentencing materials with the court as recently as Tuesday.
A parallel civil case against Mancini is being prosecuted by the Securities and Exchange Commission. Discovery in that case is paused until after the criminal sentencing.
In the civil case the SEC is asking for disgorgement of ill-gotten gains with interest and civil penalties. The SEC also is seeking to bar Mancini from serving as an officer or director of any public company.
Prosecutors charged that Mancini, the managing director of Outdoor Capital Partners, raised over $11 million from about 40 investors in a plan to acquire De Rosa Cycles, De Marchi Apparel, Limar Helmets and Gruppo Srl, the parent of Cinelli and Columbus. None of the acquisitions was completed and the investors said they were unable to recover their funds.
The criminal case was filed in New Jersey because at least one alleged victim lives there. The government's complaint referenced five victims who are investors living in Colorado, New Jersey, New York, Massachusetts and Florida.
