First Nationle Solution LLC

If you invested money in First Nationle Solution LLC, United RL Capital Services, Percipience Global Corp., you may have a legal claim to recover your losses.

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First Nationle Solution, LLC., United RL Capital Services, and Percipience Global Corp. Shut Down – SEC Claims Ponzi Scheme

The Securities and Exchange Commission (SEC) has filed charges against First Nationle Solution LLC, United RL Capital Services, and Percipience Global Corp. along with several individual defendants claiming a Ponzi scheme that has bilked $102 million from investors across the United States.

The SEC estimates more than 600 investors could be at risk as the complaint alleges the companies and defendants spent at least $20 million to enrich themselves, $38.5 million in schemed payments, and the remainder appearing to have been spent on transactions unrelated to the businesses.

“We allege that the defendants engaged in a massive fraud and swindled investors to line their pockets with ill-gotten gains,” said Marc P. Berger, Director of the SEC’s New York Office. “Investors should be on high alert whenever they are promised guaranteed returns.”

Defendants named in the SEC complaint are Perry Santillo, of Rochester, New York, Christopher Parris, also of Rochester, Paul LaRocco, of Ocala, Florida, John Piccarreto, of San Antonio, and Thomas Brenner, of Orville, Ohio.

What is a Ponzi Scheme?

A Ponzi scheme is a type of securities fraud that uses money from new investors to pay off earlier investors while promising high rates of return.  As the scheme relies on a constant stream of new investors to meet its obligations to earlier investors, the scheme collapses when new investors are no longer available or earlier investors need to be cashed out.

Many Ponzi schemes progress from just a few initial investors to thousands of investors and are able to operate without raising any suspicion for years. Through the promise of high returns (but not too high), explanations of access to information not available to the public, and garnering credibility through paying off initial investors pursuant to their agreement, others are often drawn in quickly to the scheme by just word of mouth.

However, Ponzi schemes are illegal because they inevitably fall apart.

Standing by 24/7, Waiting to Assist

Sanders Phillips Grossman is working with the law firm Silver Law Group in evaluating the rights of investors of First Nationle Solution LLC, United RL Capital Services, or Percipience Global Corporation who may have lost money through one of these companies.