ROCKFORD (AP) — A Rockford man has been sentenced more than nine years in federal prison for operating a Ponzi-type scheme in which he defrauded investors out of more than $4 million.
James Pantazelos pled guilty to mail fraud in September. He was sentenced Friday at Rockford's federal courthouse.
The Rockford Register Star reports (http://bit.ly/Xeoy6k ) that the fraud occurred from May 2007 through the end of 2010.
The 64-year-old man was the owner and CEO of Destiny's Partners, Inc.
Pantazelos and his associates invited potential investors to conferences where they were promised returns of up to 200 percent and were guaranteed to at least get their principal investment back.
Instead of investing the funds as promised, Pantazelos used most of the money for personal expenses.