Woodhill Capital president pleads guilty to $54 million mail fraud

The scheme ran from the mid-1990s until March 2026, prosecutors said

Richard Teplitsky, 72, of Williamsville, pleaded guilty Friday to mail fraud in federal court in Buffalo, officials said. Prosecutors said the New York investment firm president ran a Ponzi scheme that defrauded hundreds of investors over nearly three decades and resulted in more than $54.4 million in losses.

Prosecutors said Teplitsky was the president of Woodhill Capital Corporation, which promised investors returns of 14% or more by financing loans to businesses purchasing commercial equipment.

Instead, Teplitsky used money from new investors to pay earlier investors, according to prosecutors. The scheme began in the mid-1990s and continued until March 2026.

To keep the fraud going, Teplitsky created fake equipment financing agreements and payment schedules to convince investors their money was being used for legitimate business loans, according to prosecutors.

Woodhill made monthly payments to investors, giving the appearance that the investments were generating returns.

By March 2026, Woodhill owed money to about 200 investors through approximately 1,800 fraudulent loans, according to prosecutors.

Teplitsky faces up to 20 years in prison and a $250,000 fine.

Prosecutors said the fabricated financing agreements and the monthly payments were what kept the fraud going, and both were in place from the mid-1990s until March 2026.