The SEC has shut down a $102 Million Ponzi Scheme that was defrauding investors in several states. The complaint that was filed in federal district court in Manhattan charges Perry Santillo from Rochester, New York, Christopher Parris from Rochester, New York, Paul LaRocco from Ocala, Florida, John Piccarreto from San Antonio, Texas, and Thomas Brenner from Orville, Ohio. These brokers are said to have defrauded over 600 investors through sales of securities in issuers that they controlled including the following: First Nationle Solution LLC, United RL Capital Services, and Percipience Global Corp. If you or someone you know lost their investment by investing with one of these brokers and/or companies, then it is highly recommended to speak to an attorney in order to assess your potential legal options to recover your investment capital.
The SEC Allegations of Fraud
When investors were presented with information, they were told that their funds would be used for the companies and many were guaranteed dividends or double-digit returns. However, the brokers involved, Santillo, Parris, LaRocco, Piccarreto, and Brenner, took $20 million to enhance their own salaries and paid approximately $38.5 million in Ponzi-like payments and transferred the remaining capital in transactions that were entirely related to the nature of their business entities: First Nationle Solution LLC, United RL Capital Services, and Percipience Global Corp. As a result of the severe investor fraud allegations made against the defendants in the federal district court in Manhattan, the court granted the SEC’s request for an asset freeze of the defendant’s assets.
Investment Fraud Recovery Attorneys
Our law firm has extensive experience representing investors in claims against brokerage firms, banks and others who assist or otherwise play a role in a Ponzi Scheme. The SEC highly recommends that investors should reconsider their investment when they are promised “guaranteed returns.” Additionally, the SEC recommends that all investors thoroughly investigate the professional history of the brokers that they plan on investing with by utilizing resources such as: http://Investor.gov. By conducting research about prior misconduct of prospective investment brokers, investors will be able to mitigate risks of investing their capital with brokers that have a prior history of investment fraud. If you suspect that you have been a victim of investor fraud, it is important to understand that you have potential options to recover your investment capital through FINRA arbitration for mismanagement of funds, unsuitable investment advice, breach of fiduciary duty, variable annuity switching, fraudulent misrepresentations, among others.
How Silver Law Group Can Help
If you or someone in your family has invested with Santillo, Parris, LaRocco, Piccarreto or Brenner and/or First Nationle Solution LLC, United RL Capital Services or Percipience Global Corp, it is highly recommended to speak with an attorney to explore potential recovery of your lost investment capital. Silver Law Group is dedicated to representing the interests of investors who have been victims of investor fraud. According to the rules set out in the securities industry, there is a possibility to recover using FINRA arbitration. Our firm represents investors looking to recover in FINRA arbitration claims and the entire recovery process on a contingency fee basis. If you have questions regarding your potential for recovery or legal rights, please contact Scott Silver or the Silver Law Group for a complimentary consultation at email@example.com or toll-free at (800) 975-4345.