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A Rochester Hills man who admitted to stealing the deposits of prospective business owners after their deals failed is headed to prison, according to Michigan Attorney General Dana Nessel.
At a Sept. 9 hearing, Oakland County 6th Circuit Court Judge Kwame Rowe sentenced Denny DiCapo, 64, of Rochester Hills, to five to 20 years in prison for stealing $26,000 in business transactions.
DiCapo pleaded guilty last year to six counts of larceny by conversion, $1,000 to $20,000, each a five-year felony, as a fourth habitual felony offender; and one count of conducting a criminal enterprise, a 20-year felony.
Pursuant to the plea agreement, DiCapo paid $5,000 in restitution at the time of the plea. He had agreed to pay the remaining $21,000 in restitution during a delayed sentence, but failed to pay the entirety of the restitution to the victims before sentencing and was sentenced on all charges as a fourth habitual felony offender, according to Nessel. DiCapo was ordered to pay the remaining restitution, along with standard fines and costs, and received credit for 72 days of jail on all counts.
“Michigan’s small businesses are its lifeline,” Nessel said in a statement. “Those who prey on their entrepreneurial spirit will face the full weight of the law. My office will continue to relentlessly prosecute these criminals and recover as many funds for victims as possible.”
Officials say DiCapo used his now-dissolved corporations, Biz Capital Brokerage Inc. and Energy Acquisition Specialist Inc., to scam seven victims out of $26,000 in refundable, good-faith deposits after identifying himself as a business broker and listing agent for restaurants, a gas station, an automobile service center and a jewelry/pawn store.
DiCapo persuaded victims to pay him refundable, good-faith deposits to buy the businesses, which was also documented in contracts, then took the money when the deals fell through.
DiCapo’s attorney could not be reached for comment at press time.
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