SCRANTON, LACKAWANNA COUNTY (WBRE/WYOU) — Officials announced Thursday that a man known as “King Perry” has been sentenced to 20 years for mail fraud stemming from a nationwide investment fraud scheme.
According to U.S. Attorney Gerard M. Karam, Perry Santillo, 42, of Rochester, New York, pleaded
guilty to mail fraud. At the time of his guilty plea, Santillo admitted to defrauding investors around the country as part of a Ponzi scheme that included victims in Pennsylvania.
Santillo admitted as part of his plea that the scheme took in approximately $115 million in fraudulent investments and resulted in a total loss to investors of $70.7 million, police say.
As stated in the release, Santillo was the founder, and CEO of First Nationle Solution, LLC. Where he offered and sold securities in First National, Percipience Global Corporation, United RL Capital Services LLC, and other issuers to investors.
Santillo along with others working with him operated each business as a Ponzi scheme by issuing securities in the form of promissory notes, soliciting, and then misappropriating substantial amounts of investor funds, and using some remaining investor funds to pay off redeeming investors, according to officials.
In Pennsylvania, Santillo and others purchased a book of business from an investment advisor and conducted a fraud scheme under the guise of an “investment business” located in…
