The SEC has charged and obtained an asset freeze against five individuals and three companies behind a $102 million Ponzi scheme that operated through the U.S., according to a June 19 agency statement.
In its statement, the SEC alleges that Perry Santillo, Christopher Parris, Paul LaRocco, John Piccarreto, and Thomas Brenner, along with First Nationle Solution LLC, United RL Capital Services, and Percipience Global Corp. defrauded more than 600 investors through sales of securities in issuers they controlled.
The complaint also alleges that investors were told that their funds would be used for the companies and some were guaranteed dividends or double-digit returns.
The defendants spent at least $20 million to enrich themselves, paid $38.5 million in Ponzi-like payments, and transferred much of the remainder in transactions that appear unrelated to the issuers’ purported businesses, according to the agency.
The case is SEC v. Santillo, S.D.N.Y., complaint 6/19/18.