AP NEWS

The Latest: Ponzi schemer ‘King Perry’ pleads guilty

November 4, 2019 GMT

SCRANTON, Pa. (AP) — The Latest on the case of a Ponzi mastermind dubbed “King Perry” (all times local):

3:10 p.m.

The mastermind of a long-running Ponzi scheme that collected more than $100 million from investors around the country has pleaded guilty to a federal charge.

Perry Santillo pleaded guilty Monday in Scranton, Pennsylvania, to a fraud count. He pleaded guilty to related charges last month in Rochester, New York.

Each charge carries a maximum 20-year prison sentence.

Federal securities regulators say Santillo used some of the proceeds of his scheme to fund a lavish lifestyle of cars, casino junkets and houses in multiple states.

Santillo even had a song written about himself whose lyrics referred to him as “King Perry.”

Prosecutors say Santillo received money from 1,000 investors, including elderly people who lost their life savings.

Santillo’s lawyer is declining to comment.

___

1 a.m.

The mastermind of a long-running Ponzi scheme that collected more than $100 million from investors around the country is due in a Pennsylvania courtroom to plead guilty to a federal charge.

Federal securities regulators say Perry Santillo used some of the proceeds to fund a lavish lifestyle of cars, casino junkets and houses in multiple states. Santillo even had a song written about himself whose lyrics referred to him as “King Perry.”

Santillo pleaded guilty to related charges in federal court in Rochester, New York, last month, and is scheduled to appear in Scranton, Pennsylvania, on Monday to plead guilty to a fraud count. Each charge carries a maximum 20-year prison sentence.

Prosecutors say Santillo received money from 1,000 investors, including elderly people who lost their life savings.