SEC CHARGES EIGHT DEFENDANTS IN SHOCKING CASE OF FRAUD AND ELDER ABUSE IN $102 MILLION PONZI SCHEME

Home » Blog » SEC CHARGES EIGHT DEFENDANTS IN SHOCKING CASE OF FRAUD AND ELDER ABUSE IN $102 MILLION PONZI SCHEME

SEC CHARGES EIGHT DEFENDANTS IN SHOCKING CASE OF FRAUD AND ELDER ABUSE IN $102 MILLION PONZI SCHEME

SEC charges

SEC charges eight in $102 million Ponzi scheme

The Securities Exchange Commission filed a civil complaint today against five individuals and three entities in a massive Ponzi scheme involving $102 million stolen from at least 637 investors and including allegations of shocking greed and elder abuse.

According to the allegations, Defendants Perry Santillo (Rochester, NY) , Christopher Parris (Rochester, NY), Paul Anthony LaRocco, (Ocala, FL) John Piccarreto (San Antonio, TX), and Thomas Brenner (Orville, OH) enriched themselves via a Ponzi scheme in which Santillo and Parris bought or took over the books of business from retiring investment professionals around the country and persuaded their new “customers” to invest in issuers controlled by the Defendants.

In one such instance, Defendant Piccarreto allegedly convinced an 80-year-old investor who suffers from dementia to put $250,000 in one of the Defendants’ entities, describing it as a real estate investment. Piccarreto falsely sent reassurances to the investor’s daughter that he knew she was “looking out for dad” and assured her “I promise you I will not let anything happen to any of the money.” Instead, according to the SEC the Defendants knew they were lying to investors and stealing their money.

The SEC charges alleges that the individual defendants have collectively misappropriated at least $19.8 million of investor money, using the stolen funds to fund lavish jet-setting lifestyles. Perry Santillo, for example, is alleged to have purchased houses in multiple states and commissioned a song about himself to be played a party he threw for himself at a Las Vegas nightclub. The song lyrics bragged that he wore a “ten-thousand-dollar suit everywhere he rides” and could “pop the champagne in L.A., New York to Florida; buy another bottle just to spray it all over ya.”

The allegations conclude that of the $102 million raised by the Defendants, the majority of it was either misappropriated by the Defendants or paid to redeeming investors in Classic Ponzi scheme fashion. The SEC’s suit seeks to freeze the Defendants’ assets, disgorge their ill-gotten funds, along with interest and civil penalties, to provide a sworn accounting to the commission, to prevent the Defendants from destroying any evidence, and permanently restrain the Defendants from future violations of securities laws.

If you or someone you know lost money in an investment recommended by Perry Santillo, Christopher Parris, Paul Anthony LaRocco, John Piccarreto, or Thomas Brenner, including but not limited to investments in entities named First Nationle Solution, LLC, Percipience Global Corporation, and/or United RL Capital Services, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.

By |June 19th, 2018|Legal Matters|

Free Case Evaluation

Call 888-741-7503 now or fill out the form above
to receive a free confidential consultation.
disclaimer
disclaimer-mob
TEXT US888.741.7503