SAN JUAN, Puerto Rico – On July 2, 2026, a federal grand jury in the District of Puerto Rico returned an indictment charging Gian C. Piovanetti with embezzlement of bank funds, conspiracy to commit money laundering, and money laundering.According to court documents, Gian C. Piovanetti, a certified public accountant, embezzled, and aided and abetted in the embezzlement of approximately 11 million dollars from a private equity fund he managed as part of his employment and connection with a local Financial Institution. The defendant carried out this embezzlement through a series of unauthorized transfers of fund assets under the custody and control of the Financial Institution.
Piovanetti secretly, and in contravention of his fiduciary duty, used the proceeds of the fraud to purchase luxury items for himself and others, including his family members, as well as to pay balances owed on credit cards, and for the purchase of real estate. Between May 6, 2024, and July 1, 2024, the defendant embezzled, and aided and abetted in the embezzlement, of approximately $11,266,493.00 of the funds from the equity fund’s deposit account. These transactions were unrelated to the allowable investments under the fund, were not approved by the fund’s Investment Committee, and lacked a valid purpose for a private equity fund. Some of the illegal transactions that the defendant executed were thousands, and on occasions more than one million dollars.
Other transactions were in favor of companies that the defendant and family members were in control of, including the purchase of a 2024 Porsche Cayenne Coupe registered in the name of the defendant’s wife, and the acquisition of options to purchase apartments outside of Puerto Rico. “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 their clients for their own personal gain.”“This arrest underscores the FBI’s commitment to pursuing complex financial crime and safeguarding the integrity of our financial institutions," said Carlos R. Goris, Special Agent in Charge of the FBI's San Juan Field Office. "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.”Piovanetti is charged with one count of embezzlement of bank funds, one count of conspiracy to commit money laundering, and five counts of money laundering. 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 is investigating the case.Assistant U.S. Attorney Julian Radzinschi is prosecuting the case.An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.###