Wisconsin Prison Buddies Who Orchestrated $7M Ponzi Scheme Head Back To Slammer
Fraudster Trio Sent Back to Prison for New Ponzi Scheme
Three serial fraudsters, including a former Downers Grove resident, have been sent back to prison for orchestrating a new $7 million Ponzi scheme.
The men, Daniel Parrilli, John Lauer, and Christopher Andersen, met while incarcerated for unrelated crimes at a federal prison in Wisconsin. After they were released, they joined together to orchestrate a Ponzi scheme that robbed approximately 150 investors out of more than $7 million.
According to prosecutors, Andersen and Parrilli operated Sundown Entertainment, Inc., an Illinois-based business that purportedly bought and sold film and comic book rights.
The men sold more than $7 million in promissory notes in the company to approximately 150 investors by telling them the notes could render 25 to 100% profit in as little as seven days. Prosecutors said Lauer entered the scheme later, and “lulled victims with false assurances about their investments.”
The investment scheme “had a terrible impact on victims, who in many cases depleted their 401k funds or their college savings or took out loans against their homes in order to invest with the defendants,” said prosecutors.
Andersen received a sentence of nearly 8 years in prison last fall. He also was ordered to pay $3.7 million in restitution. Late last month, U.S. District Court Judge Virginia Kendall sentenced Parrilli and Lauer to 70 months and 31 months in prison, respectively. Parrilli also was ordered to pay more than $3.65 million in restitution. Lauer was ordered to pay $457,367. For additional information about Daniel Parrilli, John Lauer, and Christopher Andersen's Ponzi scheme, click here.