Ponzi schemer gets over 17 years, ordered to repay $103M
A man once dubbed “King Perry” will spend more than 17 years in prison for his role in masterminding a long-running Ponzi scheme that collected more than $115 million from 1,000 investors nationwide
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.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, Nevada, California, Florida, South Carolina, Texas, Pennsylvania Maryland and Indiana, according to court documents.
Federal securities regulators have said Santillo used some of the proceeds to fund a lavish lifestyle of cars, casino junkets and houses in multiple states. Lyrics to a song written for Santillo boasted that “King Perry” wears a "$10,000 suit everywhere he rides.”
Several of Santillo's victims testified at his sentencing Thursday. Some had lost hundreds of thousands of dollars in retirement savings.
In a letter to the court, Santillo expressed regret and said he is “haunted by the devastation I have caused to so many. ... I am truly ashamed of my choices."
Several other figures in the scheme have pleaded guilty, including another ringleader, Christopher Parris, who faces sentencing next month.
Santillo has also pleaded guilty to a related federal fraud charge in Pennsylvania. He has yet to be sentenced in that case.