Three Decades of Fake Equipment Loans: Woodhill Capital President Pleads Guilty in $54M Investor Fraud

Published Oct. 26, 2026. Case statuses are current as of that date.

For investors in western New York, it looked like a steady, old-fashioned business: lend money to companies buying commercial equipment, collect interest as the loans are repaid, and receive a check on the 10th or the 25th of every month. Federal prosecutors say most of those loans did not exist, and that the scheme ran from the mid-1990s until March 2026.

On Oct. 23, 2026, Richard Teplitsky, 72, of Williamsville, New York, president of the Woodhill Capital Corporation, pleaded guilty to mail fraud before U.S. District Judge John L. Sinatra Jr., U.S. Attorney Michael DiGiacomo announced [1]. The loss tied to his conduct is $54,406,742.00.

How the scheme worked

According to the plea agreement, as described by the U.S. Attorney's Office for the Western District of New York [1]:

1. The pitch. Teplitsky and other Woodhill personnel solicited money from investors in the Western District of New York and elsewhere, saying the funds would finance loans to businesses acquiring commercial equipment.
2. The promised return. Investors were told they would earn a substantial return, as high as 14% or more, as borrowers repaid their loans.
3. Convincing paperwork. In exchange for their money, investors received loan documents, including copies of equipment financing agreements between Woodhill and borrowers, and amortization schedules laying out monthly payments.
4. Reliable checks. Woodhill made monthly payments to investors, typically on the 10th or 25th of the month.
5. The reality. Teplitsky did not use most investor money to fund loans. He used it to pay what Woodhill owed earlier investors, and he created fraudulent equipment financing agreements and amortization schedules to make it look as though the money was being lent out.

By March 2026, Woodhill owed payments to about 200 investors on about 1,800 outstanding fraudulent "loans," according to prosecutors [1].

What made the scheme durable was its ordinariness. Equipment financing is a real and common business, and the documents investors received looked like the paperwork a legitimate lender would produce. Regular monthly payments reinforced the impression, even though, prosecutors say, those payments were funded by other investors.

The person convicted and his status

Richard Teplitsky, 72, of Williamsville, New York, president of Woodhill Capital Corporation. He pleaded guilty on Oct. 23, 2026, to mail fraud, which carries a maximum penalty of 20 years in prison and a $250,000 fine. Sentencing will be scheduled at a later date [1].

The release refers to "other Woodhill personnel" who solicited investors but does not name them or say whether anyone else has been charged. We have not named anyone else, and the release does not say whether any of them knew the loans were fake.

The case is being prosecuted by Assistant U.S. Attorney Paul E. Bonanno. The plea follows an investigation by the FBI under Special Agent in Charge Allen D. Davis II [1].

Red flags of private loan and note investments

• Unusually high, steady returns (14% or more) presented as low-risk because they're "backed" by loans or equipment.
• Documents you can't verify. A copy of a loan agreement means little if you can't confirm the borrower exists, the equipment was bought and the loan is recorded.
• No independent custodian or audit. Your money goes straight to the promoter's company, which also prepares every statement you receive.
• Payments that never vary, even when borrowers would realistically pay late, refinance or default.
• A long track record used as proof. Some Ponzi schemes run for decades; longevity alone shows nothing about whether the investments are real.

What to do if you've been targeted

1. Ask how to verify the underlying loans, including borrower names, UCC filings for the equipment and an independent auditor, and treat refusals as a warning.
2. Check registration and background of the promoter and any salespeople at Investor.gov and FINRA BrokerCheck, and with your state securities regulator.
3. Keep all records, including loan documents, amortization schedules, payment histories and messages.
4. If you invested with Woodhill Capital, you can contact the U.S. Attorney's Office for the Western District of New York about victim notification and restitution.
5. Report suspected investment fraud to the SEC at sec.gov/tcr, the FBI at IC3.gov, or the FTC at ReportFraud.ftc.gov.

Case status (as of Oct. 26, 2026)

Defendant	Court	Status	Source
Richard Teplitsky, 72, of Williamsville, N.Y., president of Woodhill Capital Corporation	U.S. District Court, W.D.N.Y. (Judge John L. Sinatra Jr.)	Pleaded guilty Oct. 23, 2026, to mail fraud; sentencing to be scheduled	[1]

Statuses can change. A sentencing date had not been set as of publication (status pending).

Sources

1. U.S. Attorney's Office, Western District of New York, "Williamsville man pleads guilty to defrauding dozens of investors out of millions of dollars in multi-million dollar fraud scheme," Oct. 23, 2026. https://www.justice.gov/usao-wdny/pr/williamsville-man-pleads-guilty-defrauding-dozens-investors-out-millions-dollars-multi

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