Rochester man sentenced to 7 years in prison for role in Ponzi scheme

ROCHESTER, N.Y. (WHEC) — A Rochester man is going to prison for his role in a Ponzi scheme that bilked victims out of millions of dollars.

Thursday John Piccarreto Jr. was sentenced to seven years in prison and ordered to pay nearly $20 million in restitution.

Between 2017 and 2018, prosecutors say he conspired with others to entice investors through a company called Lucian Development.

Prosecutors say he helped defraud about 400 investors out of around $18,081,556.

Federal filings claim they used the money to fund a "jet-setting lifestyle."

Piccarreto pleaded guilty earlier this year to conspiracy to commit mail fraud and filing a false tax return.

Perry Santillo and Christopher Parris were previously convicted and are awaiting sentencing.