Rochester man pleads guilty in $18 million Ponzi scheme

Local News

ROCHESTER, N.Y. (WROC) — A Rochester man is heading to federal prison for stealing money from investors.

John Piccaretto, 38, pleaded guilty for his role in a company that was set up solely as a Ponzi scheme. He admitted he helped defraud hundreds of investors out of $18 million.

Piccaretto faces up to 20 years in prison. His sentencing is scheduled for July.

Two other defendants in the case are either waiting to be charged, or waiting to be sentenced.

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