Williamsville man pleads guilty to defrauding dozens of investors out of millions of dollars in multi-million dollar fraud scheme

BUFFALO, N.Y.-U.S. Attorney Michael DiGiacomo announced today that Richard Teplitsky, 72, of Williamsville, NY, pleaded guilty before U.S. District Judge John L. Sinatra, Jr. to mail fraud, which carries a maximum penalty of 20 years in prison and a $250,000 fine.

According to the plea agreement, Teplitsky was the president of the Woodhill Capital Corporation. As president, he and other Woodhill personnel would solicit funds from investors within the Western District of New York and elsewhere, representing to investors that their money would be used to fund loans to businesses that were seeking to borrow money to acquire commercial equipment. Investors were told that they would be paid a substantial return, as high as 14 percent or more, on their investment as the borrowers repaid the loans. When investors provided money, Teplitsky would in return provide the investors with loan documents, including copies of equipment financing agreements between Woodhill and the borrowers, and amortization schedules which set forth a schedule of monthly payments to investors. Woodhill would make monthly payments to investors, typically on the 10th of the month or the 25th of the month.

Between the mid-1990s through March 2026, despite his representations to investors, Teplitsky did not use most investor money to fund loans to borrowers. Instead, he used their money to pay amounts Woodhill owed to prior investors. Teplitsky would create fraudulent equipment financing agreements and amortization schedules falsely representing to investors that their money was being used to fund loans to borrowers.

As of March 2026, Woodhill owed payments to approximately 200 investors based on approximately 1,800 outstanding fraudulent "loans." The total loss associated with his fraudulent conduct is $54,406,742.00.

The case is being prosecuted by Assistant U.S. Attorney Paul E. Bonanno. The plea is the result of an investigation by Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Allen D. Davis, II.

Sentencing will be scheduled at a later date.

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