Ponzi schemer gets over 17 years, ordered to repay $103M

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A man once dubbed “King Perry” will serve more than 17 years in prison for his role in the mastermind of the long-running Ponzi scheme that collected more than $115 million from 1,000 investors nationwide Was.

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ROCHESTER, NY – A man once known as “King Perry” was sentenced Thursday to more than 17 years in prison for his role in masterminding the long-running investment scandal that has hit 1,000 people nationwide. Had collected more than $115 million from investors.

Perry Santillo appeared in federal court in Rochester, New York, more than two years after pleading guilty to mail fraud and conspiracy. A federal judge also ordered him to pay $103 million in damages.

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According to court documents, Santillo and his alleged conspirators in the Ponzi scheme induced clients to cash in their retirement accounts and repay earlier investors by using money from new investors to invest in fake companies under their control. .

To ensure a fresh supply of victims, Santillo and his associates purchased lists of businesses and clients from a range of investment advisors and brokerages, prosecutors said. According to court documents, over the years, he acquired investment firms in Tennessee, Ohio, Minnesota, Nevada, California, Florida, South Carolina, Texas, Pennsylvania, Maryland, and Indiana.

Federal securities regulators have said that Santillo used some of the proceeds to fund a lavish lifestyle of cars, casino junkets and homes in several states. The lyrics to a song written for Santillo claimed that “King Perry” everywhere “wears a $10,000 suit.”

Several of Santillo’s victims testified at his sentencing on Thursday. Some had lost hundreds of thousands of dollars in retirement savings.

In a letter to the court, Santillo expressed regret and said he was “haunted by the devastation caused by so many people. … I am truly ashamed of my choice.”

Several others have pleaded guilty to the scheme, including another gangster, Christopher Parris, who faces sentencing next month.

Santillo has also pleaded guilty to a related federal fraud charge in Pennsylvania. He is yet to be sentenced in this case.

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