Paul LaRocco, Mail Fraud, New York 2024

A 60-year-old Florida man has been sentenced to 60 months in prison for his role in a Ponzi scheme that targeted vulnerable seniors in New York.

Paul LaRocco, of Ocala, Florida, was convicted of mail fraud and ordered to pay restitution totaling approximately $688,000.

According to the U.S. Attorney’s Office, LaRocco was employed by KE Smith Tax Advisory Group, Inc. d/b/a USA Tax & Financial Consultants, offering various financial planning services. In 2012, the business was purchased by Christopher Parris and reincorporated as Ocala Investment Services LLC d/b/a USA Tax & Financial Consultants.

LaRocco continued to work for USA Tax through 2018, selling investments in various entities. However, he falsely represented to victims that they were investing in companies that sold medical devices and/or offered laboratory services. In actuality, these entities were not bona fide businesses.

Between March 28, 2016, and May 31, 2018, LaRocco transferred and/or withdrew all of the funds and used them to pay himself and his own personal expenses. None of the funds were actually invested in a legitimate business and none of the funds were ever returned to any of the victims.

LaRocco specifically targeted victims who were of an advanced age and were therefore unusually vulnerable to investment fraud crimes.

LaRocco’s sentencing is the result of an investigation by the U.S. Postal Inspection Service, the FBI, IRS, U.S. Department of Labor, and the New York State Department of Financial Services.

Related Federal Cases