BUFFALO, N.Y. (WKBW) — A Williamsville man is facing charges in connection with a multi-million dollar fraud scheme.
The U.S. Attorney's Office announced that 71-year-old Richard Teplitsky was arrested and charged by criminal complaint with mail and wire fraud.
Investigators said Teplitsky served as the president of Woodhill Capital Corporation, located in Williamsville, and he and other Woodhill personnel solicited funds from investors. Teplitsky allegedly claimed the funds would be used to finance loans to businesses seeking to borrow money to acquire commercial equipment.
When investors provided funds to Woodhill, Teplitsky allegedly provided copies of equipment financing agreements and repayment schedules of the borrowers. Teplitsky allegedly told the investors they would receive payments, typically by check or electronic transfers, from Woodhill based on the repayment schedules.
According to investigators, Victim 1 had approximately 15 investment loans with Woodhill and received monthly payments from Woodhill between 2018 and 2026. But, in March 2026, the victim allegedly didn't receive payment and attempted to contact Teplitsky but was unsuccessful. The victim then reached out to other investors who allegedly had not received payment in March. The victim then sent a certified letter to the borrowers of his loans and directed them to pay him instead of Woodhill. Investigators said 3-4 borrowers responded and allegedly claimed:
- They did not have a loan with Woodhill
- That the amount of the loan was incorrect, or that it was not their signature on the equipment financing agreement.
The U.S Attorney's Office said an investigation has identified more than 100 victims with estimated losses in excess of $10 million.
Teplitsky was released on home confinement with electronic monitoring after making an initial appearance.
The charges carry a maximum penalty of 20 years in prison.
