Ruffo Accused of Stealing $350 Million.

Authorities say that Ruffo and his partner developed an elaborate scheme that defrauded more than 10 banks of 350 million dollars. Ruffo's partner, Edward Raines, was a former employee of Phillip Morris.  Authorities claim Raines went to several banks and pretended to be in charge of a top-secret project for the tobacco industry. Bank officials bought the story hook, line and sinker.  Ruffo, a computer expert, was in charge of purchasing computers for this phantom "project." Ruffo used the money from the banks to invest in the stock market.  According to investigators, both Ruffo and Raines lost miserably on the market.

Over the course of two years, the "project" grew and grew. Nine U.S. and international banks were on board. The con men met with Vice Presidents from these banks , convincing them to hand over hundreds of millions of dollars to the bogus operation. The plan unraveled when an official from a Japanese bank did a background check on Ruffo's partner.  He called Phillip Morris and learned  Raines hadn't worked there in years.

Marshals: Ruffo on the Run with 13 Mil

FBI agents arrested the two men and recovered much of the money, but $13 million dollars remains unaccounted for.

In March of 1996, the men were arrested and pled guilty to 150 counts of bank fraud, money laundering, wire fraud and conspiracy. Ruffo was sentenced to seventeen and a half years in jail, but was released on ten million dollars bail.  On November 9, 1998 Ruffo failed to surrender to authorities and is now considered a fugitive.