Jan. 12—A Delaware County man was one of two defendants sentenced to a term in prison in connection with an alleged Ponzi scheme.
New York Attorney General Letitia James and state Department of Taxation and Finance Acting Commissioner Amanda Hiller announced the sentencings of Carl Carro, 61, of Delaware County and James Doyle, 74, of Westchester County for operating a nearly decade-long Ponzi scheme that defrauded investors of more than $1 million.
According to a media release, Carro pled guilty last October to second-degree money laundering, a class C felony; securities fraud, a class E felony; first-degree scheme to defraud, a class E felony; and repeated failure to file personal income tax returns, a class E felony.
Doyle pled guilty in July 2021 to second-degree money laundering, a class C felony; and first-degree scheme to defraud, a class E felony.
Carro was sentenced to 4 to 8 years in prison and Doyle was sentenced to five years’ probation, according to the release. As part of their respective sentences, Carro and Doyle agreed to pay more than $1 million in judgments to the victims of their scheme.
“New Yorkers deserve the peace of mind of knowing that when they invest their hard-earned money, it won’t be stolen by shameless fraudsters,” James said in the release. “For nearly a decade, Carl Carro and James Doyle pocketed more than $1 million dollars from investors who trusted them with their funds. I thank the Department of Taxation and Finance and Acting…
