Thursday, Mar. 16, 2017

Financial adviser gets 7 years for $21M Ponzi scheme

By The Associated Press

PROVIDENCE, R.I. (AP) — A Rhode Island financial adviser who pleaded guilty to orchestrating a $21 million Ponzi scheme has been sentenced to seven years in prison.

Patrick Churchville was sentenced Thursday in U.S. District Court in Providence on charges of wire and tax fraud.

U.S. District Judge William Smith said he also must pay restitution, but the amount will be determined later. The judge described the case as a financial and emotional train wreck for everyone involved.

Churchville was owner and president of ClearPath Wealth Management. Prosecutors say he used some of the money from the fraudulent investment scheme to buy a $2.5 million waterfront home in Barrington.

Some victims testified during the hearing that they lost everything.

Churchville apologized to his victims, calling himself a decent person who took a wrong turn.

2017-03-16 19:15:03 GMT

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