NEW YORK – Two area men were sentenced for operating a nearly decade-long Ponzi scheme that defrauded investors in New York and throughout the nation of more than $1 million.
State Attorney General Tish James and Acting Tax Commissioner Amanda Hiller announced the sentencing of Carl Carro, 61, of Delaware County, and James Doyle, 74, of Westchester County.
Carro pled guilty to money laundering, securities fraud, scheme to defraud, and repeated failure to file personal income tax returns. He was sentenced to four to eight years in state prison.
Doyle was sentenced to five years of probation on his guilty plea to money laundering and scheme to defraud.
As part of their sentencings, they agreed to pay a total of more than $1 million in judgments to the victims of their schemes.
