A West Hills man is expected to plead guilty to a federal wire fraud charge for bilking clients out of nearly $6 million using a Ponzi scheme, according to federal prosecutors.
What was the scheme?
Department of Justice officials said Tuesday that Sylvein William Maximilian D’Habsburg XVII (not his birth name, more on that in a moment) told potential investors he had AI technology that could predict the future and detect a COVID-19 infection “based solely on a video recording.”
D’Habsburg allegedly targeted the local Filipino community, including elderly church parishioners.
Authorities also allege he falsely claimed to investors that he already had about a half billion dollars in investment funds, dropping names like Kobe Bryant, Michael Jordan, and Steve Wozniak.
D’Habsburg said he would use those funds and new investments to “hire personnel and obtain patents,” according to the Justice Department news release.
What did he do with the money?
The DOJ allege he used the $5.9 million raised fraudulently to buy luxury cars like a 1933 Rolls Royce Phantom and rare antiques like a pair of Italian carved Giltwood Thrones from the 1800s.
The Habsburg family circa 1765. Authorities said Sylvein William Maximilian D’Habsburg XVII changed his name and is no relation.
Public domain
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Kunsthistorisches Museum Wien, Bilddatenbank
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Was he descended from…
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