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Rye Man Pleads Guilty In $1.3M Fraud Scheme

Photo Credit: Wikimedia Commons

RYE, N.Y. -- A Rye man pleaded guilty on Monday, June 23, to swindling investors out of more than $1.3 million, according to U.S. Attorney for Connecticut Deirdre M. Daly.

Charles Principato, 52, solicited money from victims, including Connecticut residents, for the stated purpose of funding the business operations of Prince Direct,  that he represented as being in the business of marketing products through advertising such as “infomercials,” according to a press release.

However, instead of using victims’ money for the stated purposes, Principato used it for his own personal expenses, including for vacations and home renovations, and for gambling, the U.S. attorney said.

Principato will be sentenced on Oct. 7 and faces up to 20 years in prison.

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