APPLETON – An Appleton man will spend 15 years in prison for charges related to a Ponzi scheme that defrauded victims of more than $2 million.
Robert Narvett, 57, was found guilty of one count of wire fraud and one count of money laundering Wednesday in federal court. Additionally, Narvett will have three years of supervised release and was ordered to pay restitution to his victims.
Narvett was indicted by a federal grand jury in March 2021. On Jan. 21, he pleaded guilty to wire fraud and money laundering.
According to the United States Attorney’s Office for the Eastern District of Wisconsin, Judge William C. Griesbach found that Narvett defrauded close to 70 people, including family members, friends and neighbors, over more than a decade.
According to the U.S. Attorney’s Office, Narvett would take money from victims with promises to invest, but instead use the money to fund his own lifestyle and make “lulling payments” to his other victims.
More than a dozen victims spoke at Narvett’s hearing, describing “ruined credit scores, inability to afford basic life necessities, and having to re-enter the workforce after retiring,” according to a news release from the U.S. Attorney’s Office.
Griesbach said Narvett’s scheme had the “earmarks of violent crime” due to its impact on victims, the news release said.
The Federal Bureau of Investigation investigated the case.
“The fraud committed by a trusted friend, family member, and neighbor for personal gain was devastating and…
