Feds: Rhode Island man ran decade-long Ponzi scheme
PROVIDENCE, R.I. (AP) — Federal prosecutors say a Rhode Island man ran a decade-long Ponzi scheme that defrauded investors out of about $6 million and used the money to fund his lavish lifestyle.
Authorities say 55-year-old Thomas Huling was indicted by a federal grand jury on Tuesday on multiple counts of wire fraud, money laundering, and tax evasion.
Prosecutors say from 2008 until 2018 the West Warwick man promoted and solicited funds for several investment projects, including offshore high-yielding bond trading platforms and a car emissions reduction technology.
Prosecutors say he used the money to buy luxury vehicles, country club memberships, vacations and home renovations.
He allegedly used money raised from new investors to pay off earlier investors, reported no taxable income and paid no income taxes.
A message was left with his attorney Wednesday.