Las Vegas Man Admits to Multi-Million Dollar Investment Fraud Scheme
Mykalai Kontilai, a 55-year-old man from Las Vegas, pleaded guilty in federal court to orchestrating a multimillion-dollar investment fraud scheme. Over six years, Kontilai defrauded victims of more than $6.1 million by soliciting investments for his company, Collector’s Coffee Inc., under false pretenses. He raised approximately $23 million from investors between 2012 and 2018, diverting a significant portion of the funds for personal use. Kontilai promised investors an online auction platform for collectibles, but instead misappropriated millions for luxury purchases.
The U.S. Securities and Exchange Commission began investigating Kontilai in 2017 for misusing investor funds, leading to federal charges in Nevada and Colorado. Despite fleeing to Russia, he was arrested in Germany in 2023 and extradited to the United States. Kontilai faces a maximum penalty of 20 years in federal prison, with sentencing scheduled for December 4. The FBI, IRS Criminal Investigation, and the Justice Department played key roles in investigating and securing Kontilai’s extradition. This guilty plea marks the end of a complex case involving years of deception and millions in stolen funds.
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