#Lev Parnas hit with new fraud charges for allegedly bilking investors

Rudy Giuliani associate Lev Parnas, who was indicted last year for illegally funneling campaign contributions to super PACs and politicians, was hit with new federal charges Thursday for allegedly ripping off $2 million from investors through his business Fraud Guarantee.

Parnas and David Correia were indicted for conspiring to commit wire fraud for allegedly raising funds for their fledgling business — only to splash the cash on luxury cars and other personal payments.

“Fraud Guarantee takes on a different meaning in light of today’s allegations that the company was a vehicle for committing fraud, not insuring against it,” said Acting U.S. Attorney Audrey Strauss.

The company’s stated purpose was to provide services including insurance to investors to protect them from losses that were the result of fraud.

But the Manhattan indictment alleges that from 2012 to 2019, Parnas and Correia swindled at least seven victims out of $2 million by making a series of misrepresentations — including falsely claiming the money would be used for legitimate business expenses related to the company’s development.

Instead, a majority of the funds were allegedly withdrawn as cash and spent to enhance the defendants’ lifestyles, authorities said.

They allegedly blew hundreds of thousands of dollars in rent for Parnas’ home, tens of thousands of dollars to lease luxury cars — and an unspecified sum for political donations, prosecutors charge.

The new indictment also contains fresh charges against Parnas, Correia, Giuliani crony Igor Fruman and Andrey Kukushkin in connection to campaign finance violations.

The quartet was first busted by the feds last year, accused of trying to funnel foreign money to various politicians so they could obtain state licenses to sell marijuana legally.

In addition, prosecutors say Parnas and Fruman allegedly tried to advance their business interests, and those of at least one Ukraine government official, by making a $325,000 donation to a pro-Trump super PAC.

Prior to their arrests, Guiliani allegedly enlisted the two Soviet-born businessmen to investigate Joe Biden and his son Hunter Biden, who worked for an energy company in Ukraine.