Giuliani Associate Who Founded Company Called ‘Fraud Guarantee’ Sentenced for Fraud

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Lev Parnas was sentenced to 20 months in federal prison on Wednesday for fraud and campaign finance offenses. He must also pay $2.3 million in restitution.

Parnas, 50, was convicted of campaign finance violations in October and pleaded guilty to fraud in March.

He founded a company called Fraud Guarantee, which he said protected its clients against fraud. Instead, the company was a fraud. In the plea agreement, Parnas copped to wire fraud conspiracy and admitted he gave investors false information about the business.

The company once hired former New York mayor Rudy Giuliani as a consultant. At the time, the firm was seeking to do business with wealthy Ukrainians seeking influence within the Trump administration. Giuliani was Donald Trump’s personal attorney. Fraud Guarantee paid Giuliani $500,000.

Parnas hoped for leniency on the grounds that he cooperated in the congressional investigation into Trump’s efforts to get the Ukrainian government to investigate the business dealings of the Biden family.

According to the Associated Press, one victim hopes Giuliani, who was not charged in the case, would return the money the company paid him:

Charles Gucciardo, a Long Island attorney who put up the cash to pay Giuliani, told the judge during the sentencing hearing that he hoped the former mayor would return the money, since Fraud Guarantee turned out to be a fraud.

“My bet is he’s going to give me that money back,” he said, adding that he didn’t blame Giuliani, who has not been charged with any crimes in connection with the scheme.

After he was sentenced, Parnas doubted that will ever happen.

“I don’t think he’ll pay him back because, as you can see, he’s gone down the path of no return,” he said. “He’s just an evil man, unfortunately, and somebody that I’m very, very sad that I had to meet.”