2 Rochester men facing federal charges for Ponzi scheme

2 Rochester men facing federal charges for Ponzi scheme

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By Spectrum News Staff

ROCHESTER, N.Y. — Two Rochester men are facing federal charges for allegedly cheating hundreds of people out of millions of dollars in what the SEC is calling a Ponzi Scheme.

According to the SEC’s complaint, Perry Santillo and Christopher Parris, along with three other out of state men, offered investors guaranteed dividends and double-digit returns in exchange for funding.

The SEC says instead of using the money, the suspects took about $20 million for themselves, then paid out $38.5 million in ponzi-like payments, spending the rest in transactions that were unrelated to their businesses.

Santillo and Parris have been charged with violating antifraud provisions of the federal securities law and their assets have been frozen.