In a recent article out of Connecticut, it was revealed that Robert Ponte,
Robert Rivernider, and Loretta Seneca have now pleaded guilty in an investment
fraud case that involves two separate investment scams and millions of
dollars in investor losses.
According to the allegations against them, Ponte and Rivernider were involved
in an investment scam that took about $3 million from investors by promising
big returns on their allegedly fictitious “No More Bills”
program. Investors reportedly borrowed from home equity loans and retirement
funds to participate in the fake investment opportunity, while Ponte and
Rivernider allegedly used investor cash on personal expenses and to pay
off prior investors.
Additionally, Ponte and Rivernider are accused of running a real estate
investment scheme with help from Seneca, who is Rivernider’s sister.
The three allegedly duped both investors and lenders with false representations
in the course of the scheme, which involved 100 or more real estate properties.
Lenders alone are said to have lost over $20 million in the scam.
Regarding the case, US Attorney David Fein stated that “…Rivernider
and Ponte recruited individuals to invest their money by making false
promises of guaranteed,
high returns. Their investment program was nothing more than a
Ponzi scheme.” Fein also pointed to the later real estate scam in which Seneca
was involved, stating that it “left several investors in financial
ruin.” Ponte, Rivernider, and Seneca are all scheduled for sentencing
on separate dates toward the end of May 2013.