The theory is that that CEO was knocked off by a paid hitman, possibly contracted by his spouse, and Luigi happened to be picked up as a scapegoat because the NYPD, or the arresting officer, was complicit/paid off a tidy sum.

This would be a better theory if Luigi had a serious alibi. Also, if he wasn't tied up with the Silicon Valley Longtermist movement, which has already produced a number of more low-profile killings.

I wouldn't discount the pet theory, because it does sound like the kind of shit mega-millionaires get up to. But the NYPD picking up this guy specifically, where and when they did, with no credible counternarrative as to where he was at the time of the killing, makes me strongly suspect they have the right guy. But - like with the OJ Brown-Simpson murder - they've got such a clown car of detectives and a grandstanding mayor and self-insert celebrity journalists and prosecutors promoting the case as spectacle that they're going to completely fuck this thing at trial.

If he wins the criminal case but loses a far more professionally executed civil "wrongful death" case a few years later, I would not be surprised in the slightest.