John Piccarreto Jr. was convicted of conspiracy to commit mail fraud and filing a false return for his role in a multi-million-dollar scheme.

In almost a year and a half, Piccarreto and his co-conspirators scammed hundreds of investors. The issuers would receive money from the investors then redistribute that money to repay earlier investors. They also used the funds to finance their own expensive lifestyles. Despite knowing his place of employment was a Ponzi scheme, Piccarreto continued to work there, often knowingly lying to investors. In a year and a half, Piccarreto was involved in defrauding approximately 400 investors out of approximately $18,081,556. In addition, Piccarreto claimed a taxable income of $6,576 on his tax return. Piccarreto’s actual taxable income was approximately $538,548. He was sentenced to 84 months in federal prison and ordered to pay $19,842,613.66 in restitution.