Ponzi Scheme

A Rochester man pleaded guilty Monday to bilking at least 1,000 people around the country out of more than $100 million.

U.S. Attorney James Kennedy said financial adviser Perry Santillo ran a Ponzi scheme for about a decade. Kennedy said the scheme started when Santillo and an unnamed partner lost millions in investor money in another Ponzi scheme back in 2007. 

A former lawyer from Chautauqua County may be facing as much as 20 years in prison and a $250-thousand fine on a federal charge of mail fraud for a nearly three year long ponzi scheme.

WBFO File Photo / WBFO News

A man arrested for involvement in a local Ponzi scheme could face new charges for attempting to influence a judge before sentencing.

James Lagona faces up to 20 years in prison after helping to cheat 90 investors out of nearly 6 million dollars. New allegations claim that Lagona attempted to influence US Attorney William Hochul before sentencing.

The investigation into that charge continues.
 

A Hamburg man will serve jail time for a decades long investment scheme.

Timothy Geidel employed a Ponzi scheme to bilk investors, many who were family and friends, of more than $1 million over twenty years. Geidel was given a three and a half year prison sentence in federal court. He is also required to repay $1.3 million.

Civil suits against the Geidel and the companies he represented are still pending.