Tr?id=566623520170033&ev=PageView&noscript=1

New York Advisor Receives 17-Year Prison Sentence Over Ponzi Scheme

Posted on January 18th, 2022 at 1:43 PM
New York Advisor Receives 17-Year Prison Sentence Over Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law:

 

A New York-based advisor, Perry Santillo, received a 17-year prison sentence for his role in operating a Ponzi scheme that generated at least $115 million from more than 1,000 investors. 

Santillo received the sentence two years after pleading guilty to mail fraud and conspiracy. Also, a federal judge has ordered Santillo to pay $103 million in restitution. The complaint alleged that Santillo and others convinced clients to cash in their retirement accounts and invest in sham companies that were managed by the co-conspirators. Santillo utilized the funds from newer investors to repay earlier investors, according to court documents. 

The fraud is somewhat unique because Santillo and the co-conspirators continued duping new investors by acquiring numerous investment advisory firms and brokerages across the country as well as their client lists. According to court documents, the co-conspirators acquired advisory firms in Tennessee, Ohio, Minnesota, Nevada, California, Florida, South Carolina, Texas, Pennsylvania, Maryland and Indiana. Santillo used some of the ill-gained funds to purchase cars, casino junkets and houses in multiple states, according to investigators. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, prison sentence, ponzi scheme

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

1779383898 Law
May 21, 2026
Edward Jones Faces Federal Privacy Lawsuits Over Alleged Data Sharing With Tech Companies

Edward Jones is facing multiple lawsuits alleging that the firm improperly shared clients' personal and financial information with third-party technology companies for targeted advertising purposes, according to reporting by Financial Planning.

1779287606 Law
May 20, 2026
FINRA Sanctions Ameriprise for Supervisory Failures in Variable Annuity Exchanges

The Financial Industry Regulatory Authority (FINRA) has fined Ameriprise Financial Services and ordered restitution to resolve allegations that the firm failed to adequately supervise certain variable annuity exchange recommendations.

1779216500 Law
May 19, 2026
SEC Fines Ally Invest Advisors Over Undisclosed Robo-Advisor Conflict

The Securities and Exchange Commission (SEC) imposed a $500,000 penalty on Ally Invest Advisors after finding that the firm failed to disclose a material conflict of interest tied to its Cash-Enhanced robo-advisor accounts.