Rochester Man Pleads Guilty To Fraud In Multi-Million Dollar Nationwide Ponzi Scheme
SCRANTON - The United States Attorney’s Office for the Middle District of Pennsylvania announced that Perry Santillo, age 39, of Rochester, New York, pleaded guilty on November 4, 2019, to mail fraud.
According to United States Attorney David J. Freed, Santillo admitted to defrauding investors around the country as part of a Ponzi scheme that included victims in the Middle District of Pennsylvania. Santillo admitted as part of his plea that the scheme took in approximately $115 million in fraudulent investments, and resulted in a total loss to investors of $70.7 million.
Perry Santillo was a founder, member, manager, and CEO of First Nationle Solution, LLC. Santillo offered and sold securities in First Nationle, Percipience Global Corporation, United RL Capital Services LLC, and other issuers to investors. Santillo also provided investment advice to those same investors.
In fact, First Nationle, Percipience Global and United RL did not conduct their purported businesses. Rather, Santillo and others working with him operated each business primarily as a Ponzi scheme by issuing securities in the form of promissory notes, soliciting and then misappropriating substantial amounts of investor funds, and using some remaining investor funds to pay off redeeming investors.
Read more: https://www.justice.gov/usao-mdpa/pr/rochester-man-pleads-guilty-fraud-multi-million-dollar-nationwide-ponzi-scheme