A Rochester Hills man is facing several felonies for allegedly stealing deposits from prospective business owners after their deals failed.
Denny DiCapo, 62, was arraigned July 21 in 52-3 District Court on five counts of larceny by conversion, $1,000 to $20,000, and one count of conducting a criminal enterprise.
According to a news release from the office of Attorney General Dana Nessel, DiCapo is accused of using his now-dissolved corporation, Biz Capital Brokerage, Inc., to scam “refundable good-faith deposits” from six victims for purchases of businesses. DiCapo had allegedly identified himself as a business broker and listing agent for restaurants, a gas station and an automobile service center.
DiCapo allegedly convinced the prospective owners to pay him the deposits, documenting it in contracts, and then took the money when the deals fell through.
At arraignment, DiCapo’s bond was set at $100,000 cash. If he posts bond, he must be monitored by a GPS tether.
His next court appearance is scheduled for an Aug. 2 probable cause conference. A preliminary exam is scheduled for Aug. 9.