Federal prosecutors say a second suspect has pleaded guilty to charges resulting from a multi-million dollar Ponzi Scheme in Rochester,
John Piccarreto Jr, 38, pleaded guilty to charges of conspiracy to commit mail fraud and filing a false income tax return. Prosecutors say he worked for one of the shell companies involved in managing the scheme, and continued his involvement after he learned it was fraudulent.
Another co-defendent, Perry Santillo, has already pleaded guilty in the case.
Prosecutors say Piccarreto, Santillo and Christopher Parris were involved in the scheme in 2017 and 2018. They allegedly sold false promissory notes on shell companies they controlled to investors, using new funds to repay the earlier investors while using the rest to support their own lifestyles.