U.S. Attorney Kenneth A. Polite announced that JOHN SPOSATO (64) of Slidell, was sentenced Wednesday (November 30) for his role in promoting and operating a national Ponzi scheme. Sposato was sentenced to 84 months imprisonment, followed by 3 years of supervised release, and ordered to pay $2,559,725 in restitution.
The press release says Sposato promoted numerous companies as investment entities that offered participants the chance to invest in various low-risk, high-reward investment vehicles, including international bank instruments, cutting edge oil remediation and recovery products, and real estate transactions. SPOSATO told investors that the alleged investments were safe, secure, and never at risk.
SPOSATO did not actually invest the money but used it to make retail purchases for himself and his friends for various goods and services, including luxury items such as a new Chevrolet Camaro for one girlfriend and breast augmentation surgery for another girlfriend. In total, between about January 2010, and April 2014, approximately forty-eight (48) individuals invested approximately $811,305 with SPOSATO and his companies.
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