New York Financial Adviser Sentences In Massive Ponzi Scheme

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New York Financial Adviser Sentences In Massive Ponzi Scheme

Scott Valente, a 58-year-old stock broker from upstate New York, was sentenced in federal court today to twenty years imprisonment for defrauding over a hundred investors out of over $10 million. He was also ordered to pay $8.2 million in restitution. He had originally spent that money on vacation homes, jewelry for his wife, and liquor.

Four of Valente’s victims spoke in court during the sentencing and told the judge how Valente used his family and personal connections to earn their trust and then steal from them.

Valente also spoke, calling his actions “greedy, thoughtless, and selfish.” He then asked for his victims’ forgiveness.

Although ordered to pay over $8 million in restitution, the U.S. Attorney’s Office believes it is unlikely that the victims will get all the money they lost back. The attorney’s office is working to liquidate Valente’s assets so his victims can get back what they can.

Valente pleaded guilty in May to securities fraud and other charges arising from his activities with his company, the ELIV Group of Albany. He admitted that from December 2010 to June 2014 he falsely inflated returns for the business. Valente had claimed ELIV had annual investment returns of up to 48% when the firm actually lost money every year.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.

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