Two New York men have been recently been sentenced for the roles they played in what is being called a decade-long Ponzi scheme. The announcement was made by the Attorney General of New York Letitia James.

The charges against both men included second-degree money laundering, as well as a first-degree scheme to defraud. These charges are each classified as felonies.

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Crimes, Charges and Punishment

The men were identified as James Doyle, age 74 of Westchester County and Carl Carro, age 61 of Delaware County. Doyle, back in July of 2021, pleaded guilty to his role in the crimes. This likely played in the punishment that Doyle received, as he was sentenced to five years probation.

Carl Carro on the other hand received a much harsher punishment. Though Carro also pleaded guilty to the previously mentioned charges, he also pleaded guilty to the charges of security fraud as well as repeatedly failing to file income tax returns. Those crimes, like money laundering and fraud, are also felony charges.

In total Carro is expected to serve between four and eight years in prison.

Handcuff in Jail

Operation of the Ponzi Scheme

For a scheme of this level to last for as long as it did, both men had to play their roles pretty well. Doyle and Carro operated by soliciting investment in their respective companies, Endeavor Management Solutions and Endeavor Consultancy.

In his own words, James Doyle stated that he and Carro...

...misrepresented to investors that Endeavor was a headhunting firm hired by prestigious clients to find candidates for their boards of directors.

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Getty Images

It was reported that around 50 people from New York and other states fell for their scheme which began in January 2012 and subsequently ended in December 2020. In total Doyle and Carro collected more than $1 million from their victims. The funds they gathered were then used to pay for numerous personal expenses like credit card bills and even pay off individuals they previously ripped off.

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