Lev Parnas, a Ukrainian-born emigre who worked with Rudy Giuliani to unearth political dirt on the Biden family’s dealings in Ukraine, pleaded guilty to wire fraud charges on Friday for an unrelated business venture.
During a court hearing Friday, Parnas confessed to luring investors to his Fraud Guarantee insurance company that he established with David Correia, who has pleaded guilty to similar charges. The duo procured over $2 million and funneled much of that money for personal and political use, according to prosecutors.
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“Between 2012 and 2019, I agreed with another person to give false information to individuals regarding the financials to a start-up project called, ‘Fraud Guarantee,’” Parnas told U.S. District Court Judge Paul Oetken, per Politico. “I’m extremely sorry for my actions, your honor.”
Oetken approved Parnas’s plea and scheduled his sentencing for June 29. He faces at least five years in prison and possible restitution and forfeiture, prosecutors said. Parnas initially pleaded not guilty to the wire fraud charge last November but asked for permission to change his plea last week.
“This morning, Lev Parnas pled guilty to wire fraud. He accepts responsibility for his conduct and remains proud of his efforts to bring issues of national significance into the halls of Congress and the living rooms of all Americans. He looks forward to moving ahead,” Parnas’s attorney, Joseph Bondy, tweeted following Friday’s hearing.
At least seven victims were lured into Parnas and Correia’s wire fraud scheme. Giuliani had taken a $500,000 consulting fee to work as a pitchman for the firm, but he has not been charged with any wrongdoing and has maintained he was unaware of Parnas and Correia’s illicit activities.
Last October, Parnas was found guilty of six felony charges related to campaign finance violations in another unrelated case. The charges centered on a scheme to funnel foreign donations from Russian backers to U.S. politicians while raising funds for a marijuana company. Parnas faces up to five years in prison on five of the charges and up to 20 years for a charge of lying to the Federal Election Commission.
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Parnas gained national attention during former President Donald Trump’s first impeachment inquiry when details emerged about Giuliani sending him on a quest for damaging information in Ukraine on Hunter Biden and his father. The plot included a bid to oust then-U.S. Ambassador to Ukraine Marie Yovanovitch, from her post. He also sought to enlist Ukrainian President Volodymyr Zelensky’s help in announcing an investigation into allegations of corruption related to the Bidens.
Trump was accused of leveraging lethal military aid to Ukraine in order to solicit foreign interference in the 2020 election and was impeached by the House of Representatives. After initially resisting, Parnas turned over a trove of key documents to House investigators. He told MSNBC’s Rachel Maddow that the environment around Trump was “like a cult.” Trump was ultimately acquitted of the impeachment charges in the Senate and finished out his term in office.
