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New York Advisor Receives 17-Year Prison Sentence Over Ponzi Scheme

Posted on January 18th, 2022 at 1:43 PM
New York Advisor Receives 17-Year Prison Sentence Over Ponzi Scheme

From the Desk of Jim Eccleston at ÍøÆØ³Ô¹Ï:

 

A New York-based advisor, Perry Santillo, received a 17-year prison sentence for his role in operating a Ponzi scheme that generated at least $115 million from more than 1,000 investors. 

Santillo received the sentence two years after pleading guilty to mail fraud and conspiracy. Also, a federal judge has ordered Santillo to pay $103 million in restitution. The complaint alleged that Santillo and others convinced clients to cash in their retirement accounts and invest in sham companies that were managed by the co-conspirators. Santillo utilized the funds from newer investors to repay earlier investors, according to court documents. 

The fraud is somewhat unique because Santillo and the co-conspirators continued duping new investors by acquiring numerous investment advisory firms and brokerages across the country as well as their client lists. According to court documents, the co-conspirators acquired advisory firms in Tennessee, Ohio, Minnesota, Nevada, California, Florida, South Carolina, Texas, Pennsylvania, Maryland and Indiana. Santillo used some of the ill-gained funds to purchase cars, casino junkets and houses in multiple states, according to investigators. 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, prison sentence, ponzi scheme

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