The defendant carried out this embezzlement through a series of unauthorized transfers of fund assets under the custody and control of the Financial Institution.
A federal grand jury in Puerto Rico has indicted certified public accountant Gian C. Piovanetti, accusing him of embezzling roughly $11 million from Private Capital Group and from the Popular Mezzanine Fund, a bank‑sponsored vehicle that provides asymmetric equity and debt investments.
Piovanetti serves on Popular Securities’ Executive Committee and sits on the Popular Mezzanine Fund’s Investment Committee, positions that prosecutors say gave him access to the funds he allegedly diverted.
The July 2nd indictment, charges Piovanetti with one count of bank embezzlement, one count of conspiracy to commit money laundering, and five counts of money laundering. An indictment only contains allegations; until proven guilty, Piovanetti is presumed innocent.
The defendant carried out this embezzlement through a series of unauthorized transfers of fund assets under the custody and control of the Financial Institution. The series occurred between May 6 and July 1, 2024 of approximately $11.2 million from the equity fund’s deposit account. The alleged transfers ranged from thousands of dollars to more than $1 million, prosecutors said.
Piovanetti, secretly and in contravention of his fiduciary duty as a member of the Popular Securities’ Executive Committee and while sitting on the Investment Committee of the Popular Mezzanine Fund, used the proceeds of the fraud to purchase luxury items for himself and others, including his family members. Among the purchases identified in the indictment were a 2024 Porsche Cayenne Coupe titled in his wife’s name and options to purchase apartments outside Puerto Rico.
Investigators allege the transactions bypassed the fund’s investment approval process, had no legitimate investment purpose, and violated his fiduciary responsibilities.
“As alleged in the indictment, this defendant enriched himself and family members by spending millions of dollars that did not belong to him. The defendant did not fulfill his fiduciary duties and betrayed the trust that his employer and clients had in him,” said Héctor Ramírez-Carbó, Acting United States Attorney for the District of Puerto Rico. “The U.S. Attorney’s Office will prosecute and seek just punishment against anyone who victimizes its clients for their own personal gain.”
FBI San Juan Special Agent in Charge Carlos R. Goris said the case highlights the bureau’s efforts to investigate complex financial crimes that threaten the integrity of financial institutions and public confidence in the banking system. “Embezzlement and money laundering are not victimless crimes — they erode public trust and harm our economy. We will continue working closely with our partners at the U.S. Attorney’s Office to ensure accountability and uphold the rule of law.” said Special Agent Goris.
The defendant is scheduled to have his initial court appearance today before U.S. Magistrate Judge Héctor Ramos-Vega of the U.S. District Court for the District of Puerto Rico. If convicted, he faces a maximum penalty of 30 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
The FBI investigated the case, which is being prosecuted by Assistant U.S. Attorney Julian Radzinschi.
