NY man sentenced for operating a Ponzi scheme, stole more than $1M
Westchester Rising (Yonkers, NY)
New York Attorney General Letitia James and New York State Department of Taxation and Finance Acting Commissioner Amanda Hiller announced the sentencings of Carl Carro (61, of Delaware County) and James Doyle (74, of Westchester County) for operating a nearly decade-long Ponzi scheme that defrauded investors in New York and throughout the nation of more than $1 million.
Carro pled guilty last October to Money Laundering in the Second Degree (class C felony), Securities Fraud under the Martin Act (class E felony), Scheme to Defraud in the First Degree (class E felony), and Repeated Failure to File Personal Income Tax Returns (class E felony). Doyle pled guilty in July 2021 to Money Laundering in the Second Degree (class C felony) and Scheme to Defraud in the First Degree (class E felony). Carro was sentenced to 4 to 8 years in prison and Doyle was sentenced to five years' probation.
As part of their respective sentences, Carro and Doyle agreed to pay a total of more than $1 million in judgments to the victims of their scheme.
"New Yorkers deserve the peace of mind of knowing that when they invest their hard-earned money, it won't be stolen by shameless fraudsters," said Attorney General James. "For nearly a decade, Carl Carro and James Doyle pocketed more than $1 million dollars from investors who trusted them with their funds. I thank the Department of Taxation and Finance and Acting Commissioner Hiller for their critical support in our efforts to bring these bad actors to justice. My office will always work to protect the interests of New Yorkers and ensure anyone seeking to take advantage or violate state laws is held accountable." Yesterday's sentencings are the result of a joint investigation by the Office of the Attorney General (OAG) and the Department of Taxation and Finance's (DTF) Criminal Investigations Division. In January 2021, both Carro and Doyle were arrested and charged with multiple crimes for their roles in the Ponzi scheme.
As outlined in the complaints, Carro and Doyle solicited investments in their companies, Endeavor Management Solutions and Endeavor Consultancy, from more than 50 individuals in New York and other states between January 2012 and December 2020. Carro and Doyle misrepresented to investors that Endeavor was a headhunting firm hired by prestigious clients to find candidates for openings on their boards of directors. They first lured investors with false promises of interviews for board positions and then offered purported no-risk investment opportunities in their firm. The two defendants promised their victims that investments would be held in an untouched cash reserve fund that allegedly held over $1 million and guaranteed a 10 to 20 percent return on investment after 30 days.