Investment Adviser Admits to $21 Million Ponzi Scheme

An investment adviser pleaded guilty Aug. 5 in federal court in Rhode Island to charges that he orchestrated a $21 million Ponzi scheme (United States v. Churchville, D.R.I., 1:16-cr-00068, guilty plea 8/5/16).

Patrick Churchville pleaded guilty before Chief Judge William E. Smith to five counts of wire fraud and one count of tax evasion.

Churchville was charged in a criminal information filed in July in the U.S. District Court for the District of Rhode Island.

His sentencing is scheduled for Oct. 25.

Churchville was also sued by the Securities and Exchange Commission for the same alleged misconduct. ...