A recent Department of Justice (DoJ) press release indicates that John Piccarreto, Jr., 38, of Rochester, NY, was convicted of conspiracy to commit mail fraud and filing a false tax return in connection with a Ponzi scheme.
- What was Mr. Piccarreto’s sentence and the amount of restitution required?
- How many investors were defrauded?
- What did Mr. Piccarreto and his co-defendant, Mr. Parris, use the money for?
- When did the scheme take place and how did the defendants attract investors?
DoJ. (2021). Rochester Man Going To Prison And Ordered To Pay Millions In Restitution For His Role In Ponzi Scheme That Bilked Investors Out Of Millions Of Dollars. Department of Justice (Retrievable online at https://www.justice.gov/usao-wdny/pr/rochester-man-going-prison-and-ordered-pay-millions-restitution-his-role-ponzi-scheme)