Wednesday, September 28, 2022
A Rhode Island man who conducted a decade-long Ponzi scheme that left some investors empty-handed and the government seeking tax payments due to the Internal Revenue Service pleaded guilty on Wednesday in federal court in Providence to wire fraud and tax evasion.
The federal case began in 2019.
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According to court documents, between 2008 and 2018, Thomas Huling, 58, orchestrated a scheme that raised approximately $14 million, and caused losses of more than $6 million to his victims. Huling defrauded investors by promoting several investment projects, including high-yielding bond trading platforms; a car emissions reduction technology; and an online advertising and marketing company.
The government says that Huling solicited funds for these investments by representing, among other things, that the money would be used for the particular project he was promoting, and that the investments would achieve substantial returns with little or no risk within a short period of time.
To enhance his credibility and build trust, Huling incorporated religion, the possibility of charitable good works, and association with well-known individuals into his sales pitches, says the U.S. Attorney.
Lived a “Lavish” Lifestyle
According to the U.S. Attorney, Huling diverted investor money to fund a lavish lifestyle that included high-end…
