Rhode Island Man Gets Eight Years for Ponzi Scheme, Tax Evasion

A Rhode Island man has been sentenced to eight years in prison for his role in facilitating a Ponzi scheme and tax evasion, the Justice Department said.

From 2008 to 2018, Thomas Huling solicited funds from investors for multiple projects by claiming investments would have no risk and provide high returns, the DOJ said Tuesday. In reality, Huling used investor money to gamble, purchase expensive vehicles, and travel, the government said.

Huling also failed to report taxable income between 2009 and 2018, paid no income taxes for certain years, and filed fraudulent individual and corporate tax returns, the DOJ ...