Rockford man charged in $4 million Ponzi scheme - WREX.com – Rockford’s News Leader

Rockford man charged in $4 million Ponzi scheme

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A Rockford man faces charges for allegedly defrauding investors out of more than $4 million.

James Pantazelos, 61, is accused of operating a "Ponzi" type scheme from May 2007 through December 2010.

He now faces federal charges of mail fraud and wire fraud.

The indictment says Pantazelos was running a company called Destiny's Partners. He would ask for investments and then use the money to purchase homes, remodel a family member's home, purchase cars and he even tried to open a restaurant.

Pantazelos faces prison time and fines.

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