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Stockbroker Invests in Himself Using Other People’s Money

Former stockbroker Robert Cirillo was sentenced to 78 months in prison for filing false tax returns and running a securities fraud scheme. Cirillo targeted low-income Hispanic victims via false promises of high returns from construction loans. Cirillo never invested any of the money, and instead used it for personal credit card expenses, trips, a Jeep, and an Alfa Romeo. From 2015 to 2017, Cirillo failed to report more than three million dollars in income on his tax returns, causing the IRS a loss of $676,898. In addition to the prison sentence, Cirillo was ordered to pay $3,948,835 in restitution to his victims and $676,898 to the IRS.

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