VILLAGE OF OAK CREEK RESIDENT JAILED IN $1 MILLION FRAUD CASE
Published on July 11, 2024
On June 29, 2024, YCSO deputies from the Eastern Area patrol took a report from two victims, a husband and wife, living in the Village of Oak Creek, Sedona who claimed they had been defrauded out of more than $1million. The victims reported that a family friend, 32-year-old Nicholas Silvestri, had assisted them in investing in gold and silver bullion over the last few years, trading gold and silver coins to pay for the bullion investments. After the trade, the victims had the gold and silver checked by a certified precious metals professional who told them the bars were fake. The couple reported they had purchased over $1million worth of gold and silver from Silvestri.
On July 8th, the YCSO Criminal Investigation Bureau, in a diligent effort, discovered a second alleged victim of Silvestri, who claimed to have purchased approximately $100,000 worth of gold and silver that she too learned to be fake after the fact. The investigation into Silvestri found that the suspect was also selling what appears to be approximately $80,000 of fraudulent IRA and Roth investments, as well as approximately $50,000 in Crypto Currency fake investments.
On July 11th, YCSO Criminal Investigations Bureau detectives, in a thorough investigation, executed a search warrant at Nicholas Silvestri’s home in the Village of Oak Creek. While searching the residence detectives located evidence of the fake gold bars, and the real gold coins the first victims had traded to him. Detectives also found documentary evidence related to these transactions. Nicholas Silvestri was arrested and charged with fraudulent schemes and artifices (2 counts) and Theft (2 counts), demonstrating the YCSO's unwavering commitment to justice. Sheriff David Rhodes said, “This suspect defrauded numerous people and may have continued to do so were it not for the diligence of our deputies and detectives. The arrest of this man who preyed on the trust of others is not only a success for those whose property we were able to recover, but for those who may have become victims in the future.”
It is now believed that there are numerous customers in the VOC and Sedona area who the suspect assisted with investing in precious metals, IRA’s and Crypto Currency. It was reported by the husband and wife victims that Silvestri had befriended a group of older wealthy people in the area, and they believed others had invested through him.
YCSO asks anyone with more information on this case to please get in touch with us at (928) 771-3260 or (928) 771-3299.