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

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

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ROCHESTER, N.Y. – A man once dubbed “King Perry” was sentenced Thursday to more than 17 years in prison for his role in masterminding a long-running investment scam that collected more than $115 million from 1,000 investors nationwide.

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 restitution.

Santillo and his alleged conspirators in the Ponzi scheme coaxed clients to cash in their retirement accounts and invest in sham companies under their control, using the money from newer investors to repay earlier investors, according to court documents.

To ensure a fresh supply of victims, Santillo and his confederates bought the businesses — and client lists — of a series of investment advisers and brokerages, prosecutors said. Over the years, they acquired investment firms in Tennessee, Ohio, Minnesota,…

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