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Virginia man indicted for role in $7 million investment scam

A Virginia man was indicted by a federal grand jury in Buffalo Friday on conspiracy to commit wire fraud linked to a $7 million investment scam crafted by a Hamburg man who is now awaiting sentencing.

Michael Martin, 56, of Virginia Beach, conspired in 2013 with Christopher Venti and others to bilk an investor out of $100,000 in a bank account scheme the victim thought would generate $1 million for him in 30 days, Assistant U.S. Attorney MaryEllen Kresse said.

Venti, 47, pleaded guilty on Aug. 13 before U.S. District Judge Elizabeth A. Wolford to wire fraud and tax evasion for the multi-million-dollar scam and is awaiting sentencing.

If Martin is convicted as charged, he faces a possible federal prison term of up to 20 years and a fine of up to $250,000.