A Rochester man has been sentenced to 7 years in prison for his role in a Ponzi scheme that defrauded roughly 400 investors.
John Piccarreto was convicted of conspiracy to commit mail fraud and filing a false tax return.
He also was ordered to pay nearly $20 million restitution.
Federal prosecutors say he conspired with co-defendants Perry Santillo and Christopher Parris to get money from new investors to pay earlier investors and finance lavish lifestyles.
Santillo and Parris were previously convicted and are awaiting sentencing.