Rhode Island Man Convicted in Providence Investment Scam
Rocco DeSimone, a former Rhode Island art dealer, was convicted of money laundering and mail fraud earlier this year. He has now received a stiff sentence of 16 years in prison, which is nearly the maximum sentence, and has been ordered to pay $6 million in restitution to his victims following his release.DeSimone's alleged investment scam involved an invention that would allow military personnel wearing gas masks or respirators to connect beverage containers to their masks. It has been alleged that DeSimone made false statements to investors and also told the inventor that he would sell the invention for a stake in the patent. DeSimone was also allegedly involved in similar schemes with other inventions. Investors were apparently brought in on false promises that the inventions were receiving buy offers from international corporations.
Many of DeSimone's alleged victims lost a lot of money in the scheme and were left with nothing. An attorney in the case commented that "justice was served today. Rocco DeSimone is a remorseless, recidivist thief. He deserves every day of the 16 years he was sentenced to today."
The law firm of David P. Meyer & Associates represents victims of Rhode Island investment fraud in stockbroker mediation, arbitration, and litigation claims. Give us a call today at 1-866-8-BROKER to discuss your recovery options.
Category: Investment Fraud
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