From Classic Rock Magazine:
Los Angeles based musician Marino De Silva has been jailed for up to eight years after admitting to a multi-million dollar fraud in which he scammed investors out of money for albums that weren’t what he’d promised they would be.
The Hull, UK-born guitarist told people he was producing rare and valuable unheard material from Jimi Hendrix, the Rolling Stones and the Beatles.
De Silva, who described himself as an “international multi-platinum award-winning guitarist,” claimed he’d won a Grammy and said he was a close friend of Keith Richards, also produced charity CDs – but didn’t pass the promised cash onto the charities.
But once they’d handed over their cheques, many found it impossible to discover what was happening with their money. And some of those who heard the results of De Silva’s work were furious at its poor quality.
Meanwhile he was living the a life of luxury in a $2m mansion, reports This Is Hull. In the classic style of a Ponzi scheme he paid people tiny proportions of what he owed them by spending some of the cash he’d taken in from his latest victims.
That came to an end when he fled Nevada as investigators moved in, only to be arrested and jailed in February. This week De Silva was sentenced to a prison term no shorter than three years after admitting the fraudulent sale of securities.
Continue reading the rest of the story on Classic Rock Magazine