Palm Beach Man Sentenced For $80 Million Ponzi Scheme
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WEST PALM BEACH (CBSMiami/AP) — It's 20 years in prison for a Palm Beach County man who bilked investors out of $80 million in a virtual concierge business.
Last December, Joseph Signore, 51, was found guilty of multiple charges, including fraud and money-laundering.
Signore sold video concierge machines through his Jupiter-based JCS Enterprises and falsely promised significant financial returns to 1,800 investors nationwide. Thousands of kiosks were pre-sold in the scam, but few were delivered.
Prosecutors said Signore, his ex-wife and 58-year-old Paul Schumack of Coconut Creek used money brought in by new investors to pay off earlier investors.
Schumack is scheduled for sentencing Thursday. Signore's ex-wife will be sentenced Tuesday.
Signore had faced up to 30 years in prison.
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