SEC Shuts $102mn Ponzi Scheme

On Jun. 19, SEC shut-down $102mn a nationwide Ponzi scheme.

  • Perry Santillo, Christopher Parris, Paul LaRocco, John Piccarreto, Thomas Brenner.
  • Companies: First National Solution, United RL Capital Services, Percipience Global.

Fund Raising

  • Fraudulently raised more than $102mn, from 637 investors across US since 2011.
  • Accused of cheating 600 investors using securities sales in issuers they controlled.
  • Found investors from buying book of business of retiring investment professionals.
  • Then persuaded acquired clients to withdraw savings from traditional investments and invest in one of the issuers, controlled by the three defendants, or associates.

False Claims

  • Claimed that offered investment would guarantee dividend or double-digit return.
  • Defendants took $20mn to enrich themselves, paid $38mn in Ponzi-like payments.
  • Remainder transferred, in transactions that appear unrelated to issuer businesses.


  • Charges defendants of violating anti-fraud provisions of the federal securities laws.
  • Court granted SEC’s request for an asset freeze, and temporary restraining order.
  • Hearing in 10 days, will consider ordering preliminary injunction and asset freeze.