Giovanni Pennetta, the manager of a New York-based financial firm, pleaded guilty to wire fraud on Thursday in federal court. The plea was entered before U.S. Magistrate Judge Gary Stein.
According to prosecutors, Pennetta ran a scheme over approximately six years in which he solicited millions of dollars from investors by promising access to shares of private companies before they went public. Instead of investing the funds as promised, authorities said Pennetta diverted more than $10 million for personal use.
“Giovanni Pennetta, manager of a New York-based financial firm, raised millions of dollars by claiming he could give investors access to shares of private companies before they went public,” said U.S. Attorney Jay Clayton. “That access did not exist. Instead, Pennetta diverted more than $10 million for his own benefit. Protecting the integrity of New York’s public and private financial markets is a central part of our Office’s mission, and for the safety of investors, we will continue to hold fraudsters like Pennetta criminally accountable.”
Pennetta managed an investment adviser and private equity firm based in Manhattan. He convinced clients to contribute capital with promises that they would gain economic exposure to pre-IPO company shares. Instead, much of the money was transferred into his personal bank account.
Pennetta, who is 50 years old and holds residences in both New York and Italy, pleaded guilty to one count of wire fraud. The charge carries a maximum sentence of 20 years in prison; however, sentencing will be determined by the judge and is scheduled for June 9, 2026.
U.S. Attorney Clayton credited the FBI and the U.S. Securities and Exchange Commission for their work on this case.
The prosecution is being handled by the Securities and Commodities Fraud Task Force at the U.S. Attorney’s Office for the Southern District of New York. Assistant U.S. Attorneys Alexandra N. Rothman and Samuel P. Rothschild are leading the case.
