Marquardt Law Office has received calls about losses in United RL Capital Services and Percipience Global Corporation. The firm is interested in speaking with any individuals whose broker or investment advisor was involved in their investing in these companies or First Nationale Solution.
On June 19, 2018, the Securities and Exchange Commission (“SEC”) filed federal charges alleging United RL, Percipience, and First Nationale are massive Ponzi schemes that bilked at least 637 investors out of $102 million. Defendants named by the SEC are Perry Santillo, Christopher Parris, Paul Anthony LaRocoo, John Piccarreto, and Thomas Brenner, as well First Nationale Solution, United RL, and Percipience.
According to the SEC, Santillo and Parris purchased or took over clients from retiring investment professionals. Santillo, Parris, Piccarreto, LaRocco, and Brenner then allegedly persuaded the acquired clients to sell their traditional investments and invest about $102 million of their savings in companies owned and controlled by Santillo, Parris, or their associates. Most such funds were invested in United RL, Percipience, and First Nationale.
The defendants told investors their money would fund the financial service, real estate, or medical laboratory operations of First Nationale, United RL, and Percipience. In reality, these companies engaged in little or no business, said the SEC.
According to the SEC, investors’ funds were transferred out of the companies and into accounts controlled by the defendants, who then then spent the money on themselves. For instance, Santillo allegedly stole investors’ money to pay for his “jet-setting lifestyle,” including to buy multiple homes, pay country club expenses, and fund a party in Las Vegas.
The SEC claims Perry stole at least $13.4 million from investors and Brenner at least $2.9 while Parris, LaRocco, and Piccarreto each stole at least 1 million.
The defendants also allegedly used $38 million from new investors to make payments to older investors they misrepresented as investment returns or redemptions. Such payments are the hallmarks of Ponzi schemes, which are made to conceal such frauds.
In its action, the SEC seeks asset seizures from the defendants and restitution for the victims.
Options to Recover Losses
Victims of these Ponzi schemes may also be able to recover their losses in private arbitration claims. Investors who were recommended or otherwise steered to invest in United RL, Percipience, or First Nationale by their broker or investment advisor may seek losses from their broker or advisor or the firm that they work for. Brokers, advisors, and their firms owe their customers duties of care under several laws and legal standards.
Marquardt Law Office LLC previously reported on claims seeking recoveries from the United RL scheme. A Georgia couple filed a state court action and FINRA arbitration claim alleging Christopher Parris misappropriated funds that he diverted into United RL. The claim also alleges Parris was aided by Stacy E. Cheney-Jamison, who at the time was a broker employed by CUNA Brokerage Services, Inc. The FINRA arbitration claim seeks damages from CUNA.
Recoveries from Other Investment Professionals
The SEC states Santillo and Parris purchased the rights to investors’ business from other investment professionals. Investors are likely unaware rights to their business were sold to Santillo or Parris. Regardless of whether the professionals who sold the business are retired, they and their firms may be liable for investors’ losses in the Ponzi schemes. This may particularly be true since serious red flags about Santillo, Parris, United RL, and Percipience have been publicly available.
For instance, the Financial Industry Regulatory Authority, Inc. (“FINRA”) previously announced it permanently barred LaRocco and Brenner and suspended Parris and Piccarreto from associating in any capacity with brokerage firms. FINRA registers and regulates securities brokers and brokerage firms.
Additionally, FINRA records state Santillo, Brenner, Parris, and Piccarreto owned and controlled First American Securities, Inc., a brokerage firm that FINRA expelled from the securities industry in 2016. Stacy Jamison also worked at First American Securities.
Moreover, SEC and FINRA public records state that regulatory sanctions against First American Securities, Brenner, Parris, and Piccarreto were in connection to sales of United RL and Percipience. LaRocco’s FINRA records state that he was accused of opening a joint account with his customer and withdrawing their funds.
Free Consultation
If you or someone you know invested in First Nationale Solution LLC, United RL Capital LLC, or Percipience Global Corporation, call Marquardt Law Office LLC at (312) 945-6065 to receive a free consultation.
Marquardt Law Office LLC is a securities law firm that represents clients nationwide on a contingency fee basis to recover losses caused by misconduct such as fraud and negligence.
