- April 26, 2024
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A Palm Coast man who ran a Ponzi scheme was sentenced Wednesday to five years in prison followed by 20 years of probation, and ordered to pay $3 million in restitution to his victims at a rate of $100,000 a year after his release.
“Ponzi schemes devastate the victims and their families, leaving many financially ruined,” State Attorney R.J. Larizza said in a new release. “The judge’s sentence should serve as a reminder to those who engage in white collar crime, that they will face significant prison time as a consequence of their actions.”
Anthony Fregenti, 42, pleaded guilty to 10 counts of sale of securities by an unregistered dealer, 10 counts of sale of unregistered securities, and securities fraud/investment fraud in September, according to the news release.
The case came to the attention of law enforcement after one victim, Antonio Amaral Jr., reported the crime to the Flagler County Sheriff’s Office.
More later came forward, and many testified Wednesday in the day-long hearing.
Fregenti had told them that if they invested with him, he would purchase exotic cars and high-end motorcycles to sell to customers in Saudi Arabia — including a prince — for a large profit.
But there was no Saudi royal client, and for Fregenti's victims, there was no return on their investments.
One victim was a neighbor of Fregenti who’d befriended him, and others knew him from his phony store-front business, Dark Hawk Enterprises, according to the news release.
Fregenti paid $300,000 back to the victims before the sentencing hearing, but “that was merely a drop in the bucket to how much Fregenti still owes the victims,” Assistant State Attorney Jennifer Dunton said in the news release.
“The victims are pleased that Circuit Judge David Walsh ordered the remaining restitution today,” she said.
