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Greece NY woman charged with bank fraud in $100M Ponzi scheme
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Greece woman accused of lying to banks to help prop up $100M Ponzi scheme
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Rochester, NY U.S. Attorney James P. Kennedy, Jr. announced today that John Piccarreto, Jr. of Rochester, NY, pleaded guilty before Chief U.S. District Judge Frank P. Geraci, Jr. to conspiracy to commit mail fraud and filing a false tax return. The charges carry a maximum penalty of 20 years in prison and a $250,000 fine.
Assistant U.S. Attorney John J. Field, who is handling the case, stated that between 2017 and June 2018, the defendant conspired with co-defendants Perry Santillo, Christopher Parris and others, to obtain money through an investment fraud commonly known as a Ponzi scheme. The scheme, which was conducted under the umbrella of a business entity called Lucian Development, involved the sale of fraudulent promissory notes that were issued under the names various entities that Santillo and Parris controlled, including Lucian Development, First Nationale Solutions, United RL Capital Services, and Percipience Global Corporation (the issuers), among others. These issuer
Photo: MGN. Created: April 28, 2021 07:21 PM
ROCHESTER, N.Y. (WHEC) A Rochester man pleaded guilty to charges of conspiracy to commit mail fraud and filing a false tax return in connection to what prosecutors described as a Ponzi scheme.
Prosecutors say John Piccarreto, Jr., 38, conspired with co-defendants Perry Santillo, Christopher Parris and others to sell fraudulent promissory notes that were issued under entities headed by Santillo and Parris, including Lucian Development, First Nationale Solutions, United RL Capital Services, and Percipience Global Corporation.
Prosecutors say those issuers had no revenue streams, and the majority of their financial activity involved receiving money from new investors, and then redistributing that money to repay earlier investors, the expenses of the scheme and for the defendants lifestyles.
Santillo, Piccarreto, and Parris worked for Lucian Global, a wealth management firm based in the same West Main Street building in Rochester that also headquartered several of the companies embroiled in the scandal.
They used the proceeds to finance luxurious lifestyles, prosecutors allege. Santillo has already pleaded guilty and is awaiting sentencing. Charges are still pending against the other co-defendants.
Piccarreto started working for Lucian in March 2012 and reportedly didn t understand that business was a fraud. He aided in the completion of paperwork for clients, including checks and wire transfers. As he gained experience and proper licensing, his responsibilities grew. He began meeting with existing investors. Prosecutors said he didn t realize the company was a Ponzi scheme until January 2017.
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