Three men who concocted a Ponzi scheme while in prison are heading back behind bars for bilking investors out of $3.6 million in a fraudulent business that dealt with comic book and film rights.
CBS Chicago reports 62-year-old Daniel Parrilli, 48-year-old John Lauer and 57-year-old Christopher Anderson were sentenced last week in federal court after pleading guilty to the fraud charges brought against them in 2010. Anderson, the lead defendant, is set to serve 95 months in prison; Parrilli was sentenced to 70 months, while Lauer received a 31-month term.
According to Patch.com, upon on their release from a minimum-security prison in Oxford, Wisconsin, Andersen and Parrilli opened Sundown Entertainment, a business that purported to buy and sell film and comic book rights. Together, they raised more than $7 million from about 150 investors. Lauer later entered the picture to offer false assurances to victims, some of whom prosecutors say “depleted their 401K funds or their college savings, or took out loans against their homes in order to invest with the defendants.”
Assistant U.S. Attorney Ed Kohler said that while some comics and movies were actually produced, the con men weren’t able to repay the outlandishly high returns promised to investors — as much as 150 percent within days, in some instances — and the scheme began to collapse.
Parilli, who begins serving his sentence Aug. 1, was ordered to pay more than $3.6 million in restitution, while Lauer must pay $457,367 and surrender June 12. Anderson, who’s already serving his sentence, must pay $3.7 million.