ToplineThe organizer of New York City’s annual “SantaCon” bar crawl was indicted Wednesday for wire fraud, after allegedly using more than half of the proceeds generated from the notorious annual event to fund extravagant vacations, dining and more for himself. People dressed in Santa Claus costumes participate in SantaCon on December 11, 2021 in New York City.Getty ImagesKey FactsStefan Pildes was arrested Wednesday after being indicted on one count of wire fraud, which federal prosecutors note can be punishable by up to 20 years in prison.Pildes allegedly spent approximately half of the $2.7 million SantaCon raised from attendees and venues between 2019 and 2024 on personal expenses, with prosecutors alleging the defendant directed the event’s funds to his own entity Creative Opportunities Group.SantaCon is a yearly event in which attendees in various cities dress up in Santa costumes and embark on a bar crawl, and New York City’s event has long garnered controversy and widespread criticism from locals for the rowdy and inebriated crowds that gather throughout the city.The event generates revenue from attendees and venues that participate in the bar crawl and bills itself as a “charity event,” with the indictment noting SantaCon previously claimed in an email that none of its producers receive income from its proceeds.In actuality, prosecutors allege only a “small fraction” of the money raised was given to charity, while Pildes instead allegedly spent the event’s funds on luxury vacations, a lakefront property and expensive meals.SantaCon NYC has not yet responded to a request for comment.Big Number$1.4 million. That’s how much Pildes’ Creative Opportunities Group received from SantaCon between 2019 and 2024, prosecutors allege, making up more than half the $2.7 million the SantaCon events took in overall.What Did Pildes Allegedly Spend Santacon’s Money On?According to the indictment, the SantaCon proceeds that Pildes allegedly spent himself were used to pay for such expenses as renovating a lakefront property in New Jersey, leasing a luxury Manhattan apartment, a $3,000 birthday dinner at a Michelin-starred restaurant, a luxury vehicle, a $100,000 investment at a resort in Cuba and vacations in Hawaii, Las Vegas and Vail, Colorado.What We Don’t KnowPildes has not yet issued a plea in the case and it’s unclear whether he’ll ultimately be convicted or sentenced to prison. It also remains to be seen how his arrest could impact SantaCon, which takes place each year in early December.