Investment Management
First Nationle Solution, LLCHeadquarters
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Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:SEC Files Charges against the Individuals and Companies Behind a $102 Million Ponzi Scheme
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.
On June 19, 2018, the Securities and Exchange Commission filed charges and obtained an asset freeze against the individuals and companies behind a $102 million Ponzi scheme that bilked investors throughout the U.S.
According to the SEC's complaint, the defendants defrauded more than 600 investors through sales of securities in issuers they controlled, including First Nationle Solution LLC, United RL Capital Services, and Percipience Global Corp. The complaint alleges that investors were told that their funds would be used for the companies and some were guaranteed dividends or double-digit returns. But, according to the complaint, the defendants spent at least $20 million to enrich themselves, paid $38.5 million in Ponzi-like payments, and transferred much of the remainder in transactions that appear unrelated to the issuers' purported businesses.
The complaint charges Perry Santillo, of Rochester, New York, Christopher Parris, also of Rochester, Paul LaRocco, of Ocala, Florida, John Piccarreto, of San Antonio, and Thomas Brenner, of Orville, Ohio, along with the three companies.
The SEC's complaint, filed in federal district court in Manhattan, charges Santillo, Parris, LaRocco, Piccarreto, Brenner, and the three issuers with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. It further charges Santillo, Parris, LaRocco, Piccarreto, and Brenner with violating Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 and aiding and abetting the three issuers' violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. The court granted the SEC's request for an asset freeze and a temporary restraining order. The court will hold a hearing in 10 days concerning the asset freeze and will consider ordering a preliminary injunction.
Business Details
- Local BBB:
- BBB Serving Metropolitan New York
- BBB File Opened:
- 5/18/2017
- Business Started:
- 10/1/2009
- Business Incorporated:
- 10/19/2009
- Type of Entity:
- Limited Liability Company (LLC)
- Business Management:
- Mr. Perry C. Santillo Jr., President/Managing Member
Additional Contact Information
- Principal Contacts
- Mr. Perry C. Santillo Jr., President/Managing Member
- Customer Contacts
- Mr. Perry C. Santillo Jr., President/Managing Member
Additional Information
- Business Categories
- Investment Management
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