Carlucci was convicted of two charges of conspiracy, one for money laundering and one for defrauding the IRS, along with a charge of filing a false tax return. Carlucci has also been ordered to pay $895,000 in restitution to his victims and the IRS.  According to evidence presented at the trial, Carlucci and his co-defendant Wayne Mounts, who received a 63-month prison sentence, swindled Flicker out of several high-end vehicles and a condo near Lake Erie, Ontario, and then sold these for $210,000.

Besides taking the vehicles and the condo, the pair also swindled Flickinger and his clients via a phony casino project in Antigua. Money they stole was used to pay a civil penalty the SEC had levied against Carlucci for a civil securities matter in Utah. They helped Flickinger launder money through Caribbean accounts, arranged a private jet for him to flee to Antigua where he believed the funds were hidden and then Carlucci anonymously tipped off authorities, leading to Flickinger's arrest on July 31, 2004.

Mounts and Carlucci also withdrew more than $300,000 from accounts held in the name of Carlucci's wife and father-in-law in amounts of $10,000 or less over several months to avoid having the withdrawals reported and spent $150,000 to buy a 43-foot luxury yacht that Carlucci hid from the government for more than two years.