Westchester man and partner sentenced for decade-long Ponzi scheme
A Westchester man and another from Delaware County were handed their sentencings for a decade-long Ponzi scheme that defrauded investors from New York and throughout the U.S of more than $1 million.
The State Attorney General’s Office says James Doyle, of Westchester, and his partner Carl Carro, solicited investments in their companies from more than 50 individuals.
Those investments ranged from $15,000 to $30,000.
They lured investors with false promises of interviews for board positions and then offered "no-risk" investment opportunities in their firm.
The two defendants promised their victims that investments would be held in an untouched cash reserve and guaranteed a 10 to 20% return on investment after 30 days.
An audit revealed the funds were instead used for personal expenses and to pay back previously defrauded investors.
Both Carro and Doyle pleaded guilty to numerous charges.
Carro was sentenced to four to eight years in prison, and Doyle got five years' probation.