Rockford man sentenced for Ponzi-type scheme - WREX.com – Rockford’s News Leader

Rockford man sentenced for Ponzi-type scheme

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A Rockford man will go to prison for stealing millions of dollars from investors.

James Pantazelos, 64 plead guilty to operating a "Ponzi" type scheme from May of 2007 through December of 2010.   According to the plea agreement, Pantazelos owned Destiny's Partners, Inc.

During that time, Pantazelos promised people who invested in his company returns, but it turns out it was all fake.  Instead of investing the money he promised his clients he would, Pantazelos used it to pay for his personal expenses like buying a house, cars even a restaurant called "Jimmy P's."   Pantazelos admitted to taking more than $4 million from investors and only returning a fraction of that to them.

Pantazelos was sentenced to 9 and a half years in federal prison for his crimes.

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