The president of SantaCon, an annual event in New York City in December where thousands of young people dress up as Santa Claus and drink across the city, has been charged with wire fraud. Prosecutors with the Southern District of New York say Stefan Pildes, 50, siphoned more than $1 million (£737,000) raised through the SantaCon charity for his own personal use. 'Stefan Pildes promoted SantaCon as an event grounded in charitable giving, but instead of donating the millions of dollars he raised, he ran his own con game,' US Attorney Jay Clayton said in a statement. He took advantage of New Yorkers' generous holiday spirit to finance his lifestyle through personal expenses, big and small. An attorney for Pildes has not yet been named in court documents. SantaCon is a ticketed pub-crawl event which is attended by around 25,000 people dressed as Santa Claus and other holiday characters, according to the charging document against Pildes. Pildes, who is from New Jersey, advertised the event as a charity fundraiser, prosecutors said. Allegations claim that of about $2.7 million (£1.989 million) raised from SantaCon, Pildes diverted more than half the money to a 'slush fund' for his own personal ventures, using hundreds of thousands of dollars to pay for 'concert tickets, fine dining, luxury vacations, and home renovations'. Prosecutors allege that Pildes spent $365,000 to renovate a lakefront property in New Jersey, $124,000 on a luxury Manhattan apartment, and nearly $3,000 on a birthday dinner at a Michelin-starred restaurant in Manhattan. Only a small fraction of the $2.7 million went to charity, according to court documents. Prosecutors allege that Pildes defrauded tens of thousands of people and small business owners who participated in the event from 2019 to April 2026. He has been charged with one count of wire fraud, which is punishable by up to 20 years in prison.