A Rochester man admitted guilt for his role in a Ponzi scheme that bilked investors out of more than $100 million, the United States Attorney’s Office announced Wednesday.
John Piccarreto Jr., 38, pleaded guilty to conspiracy to commit mail fraud and filing a false tax return. According to the federal filing, the men used the money to fund a “jet-setting lifestyle.”
Between 2017 and June 2018, prosecutors said, Piccarreto and co-defendants Perry Santillo, Christopher Parris, and others tricked unwitting investors across the country.
They persuaded them to withdraw their savings from traditional investments and turn over their money with promises the funds would be used to operate businesses such as financial services, insurance, real estate development and medical laboratories, according to civil court documents filed by the U.S. Securities and Exchange Commission.
Court documents allege those businesses either did not exist or barely existed, and…