January 14, 2022

Perry Santillo was sentenced to 17.5 years in prison and ordered to pay restitution of more than $100 million following his conviction on charges related to fraudulent investment schemes including the solicitation of funds through and for Lucian Development and City Capital Corporation.  The Ponzi scheme, which operated over ten years, obtained at least $115.5 million from approximately 1000 investors. Santillo and his co-conspirators purchased the businesses of investment advisors and brokers around the country in order to find potential new investors, and used new investments to fund their lavish lifestyles and make interest and other payments to earlier investors. USAO WD NY (related co-defendant)

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Misrepresentations, Ponzi Schemes,