Securities Arbitration Lawyers BlogScott Silver Discusses $102 Million Ponzi Scheme (with video)
Back in June, we told you about five former brokers charged by the SEC when the agency shut down their Ponzi scheme worth $102 million.
Scott Silver recently spoke with Jennifer Cefalu of WHEC News in Rochester, NY, where two of the suspects lived and the scheme originated. The scheme was run by Perry Santillo, Jr. and Chris Parris, with Santillo headlining.
Santillo, Parris and three others recruited their investors by word of mouth, after buying client lists from brokers. Ultimately, 637 people were defrauded, many in the Rochester area. The entities they represented were not registered with any federal agency like the SEC or FINRA, nor were any of them registered brokers or investment advisors.