Channel: Pablito's Way

Category: Education

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Description: He called himself King Perry with $100 Million at his disposal. But he scammed all of it. Find out just how he did it in this video! Subscribe to Pablito's Way below: youtube.com/channel/UCk2zuJeRutyMZSdoh0sltLA?sub_confirmation=1 New to Pablito's Way? Start here!💯 youtube.com/playlist?list=PLC9umoxByMRJQoW_PzGK-n84iLQgbQyN2 Check out some more of our favorite videos below: The Fabulous Millionaire Life of Pastor Joel Osteen⛪youtu.be/F_ZtQDoiUho The Untold Truth About the Escape From Alcatraz⛏️ youtu.be/dHMFEj3Lvyc Rappers Who Went Broke with Dumb Decisions💸 youtu.be/mQ0qYI-xbKg Follow me on Instagram! instagram.com/_pablitos_way King Perry Perry Santillo, celebrated the triumph of his investment kingdom with a big party at the Hyde nightclub at the Bellagio in Las Vegas. His coronation ceremony was where his friends and colleagues officially crowned him King Perry, King of the Hyde. Background Before he became the self-proclaimed king of a Las Vegas nightclub, Perry was a guy from Rochester, New York, looking to make some easy cash. So, in 2007, Perry and his friend, Christopher Parris, started an investment fund called Lucian Development. King and Conqueror All Perry had were the few assets in Capital City's accounts. He figured that if he could take that money and find a way to multiply it, he might be able to pay back his Lucian investors while also taking care of Capital City's debts. Elderly One of Perry's oldest victims was 80 when the budding hedge fund giant asked whether or not he would be interested in investing in a highly lucrative fund, with unreal returns, the kind you can't get with the S&P 500, the kind that would smoke your average 401k. Lifestyle Perry wasn't upfront with clients on where their money was going. However, he made sure everyone knew that the King was filthy rich. Using the money he took from dementia-suffering 80-year-olds and small-town retirees, Perry bought all sorts of things to give off the millionaire appearance. Investigation The SEC launched an investigation into Perry. After they uncovered signs of a criminal Ponzi Scheme, they notified the FBI, turning part of the investigation over to them. After interviewing various victims, like Gail and Joe, the investigators realized that some of Perry's clients weren't getting their returns in the mail, a sign that Perry's scheme was collapsing. Judgment In 2019, Perry pleaded guilty to several counts of financial criminal charges. However, the primary charge was fraud. And in 2022, the courts found him guilty and sentenced Perry to 17-and-a-half years in federal prison. Aftermath Of the $100 million Perry stole, only $45 million could be accounted for. The remaining $71 million is gone, meaning many victims may never receive their retirement funds. The money could be spent, tucked away under a mattress, hidden in an overseas account, or simply missing.