SCRANTON, LACKAWANNA COUNTY (WBRE/WYOU) — Officials announced Thursday that a man known as “King Perry” has been sentenced to 20 years for mail fraud stemming from a nationwide investment fraud scheme.

According to U.S. Attorney Gerard M. Karam, Perry Santillo, 42, of Rochester, New York, pleaded
guilty to mail fraud. At the time of his guilty plea, Santillo admitted to defrauding investors around the country as part of a Ponzi scheme that included victims in Pennsylvania.

Santillo admitted as part of his plea that the scheme took in approximately $115 million in fraudulent investments and resulted in a total loss to investors of $70.7 million, police say.

As stated in the release, Santillo was the founder, and CEO of First Nationle Solution, LLC. Where he offered and sold securities in First National, Percipience Global Corporation, United RL Capital Services LLC, and other issuers to investors.

Santillo along with others working with him operated each business as a Ponzi scheme by issuing securities in the form of promissory notes, soliciting, and then misappropriating substantial amounts of investor funds, and using some remaining investor funds to pay off redeeming investors, according to officials.

In Pennsylvania, Santillo and others purchased a book of business from an investment advisor and conducted a fraud scheme under the guise of an “investment business” located in Monroe County, using various business names.

Investigators stated the victim in PA first invested $159,000 in September 2015 and invested another $380,000 in June 2016. In 2017, the victim also invested twice, first an investment of $20,000 and the second $52,000.

Santillo and others also got the victim to invest $325,000 in a third fraudulent issuer. The victim was repaid only $15,000, and was defrauded of the remainder of the $936,000 total investment, officials said.

Santillo previously pled guilty in the Western District of New York to a three-count information in a related case and was sentenced to 17 years in that case.

In both cases, Santillo has been ordered to pay restitution to all victims.