UPDATE: Rockford Man Sentenced for $4M Ponzi Scheme

UPDATE: ROCKFORD (WIFR) – A Rockford man has been sentenced to spend 9 and a half years in federal prison for mail fraud.

64-year-old James Pantazelos of Rockford was sentenced to spend 9 and a half years in federal prison for operating a Ponzi-type scheme in which he defrauded investors out of more than $4 million.

The fraud occurred from May 2007 through December 2010.

Pantazelos pled guilty to the charge in September 2012.

ROCKFORD (WIFR) - -He promised up to 200% return on their investments but according to the U.S. Attorney's Office it was all part of a Ponzi scheme, lead by a Rockford man.

James Pantazelos, 61, was indicted today for defrauding investors out of more than four-million dollars. Court records show he lured them into investing in his his company "Destiny's Partners" which he says traded bank notes in foreign markets.

It says he instead used their money to buy and repair homes, attempt to open a restaurant and splurge on other high-end items.

Pantazelos was eventually caught after investors grew weary of excuses on why he couldn't pay up.

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  • by JK Location: IL on Nov 11, 2011 at 08:18 PM
    what i find funny is, rotator from rockford making statements,, derogatory statements against thee accused. LMAO they are the same people, rotator, rotator queen all belonged to thee accused.
  • by AF on Nov 9, 2011 at 06:55 PM
    It is so sad to know that there is noone even reading the comments left on page! I would think that the legal system would like to know any and all information that could help them stop people like this...still waiting for anyone interested in hearing more details to let us know, that our oppionion DOES matter????
  • by AF on Nov 7, 2011 at 11:57 AM
    I would like to know if someone is actually reading the post that are added. There are more cases of fraud involved in this. Sure would be nice if justice was served the way it should be.
  • by connie on Nov 2, 2011 at 10:47 AM
    And anyone else involved should go down with him. Especially the family member who he bought the house for
  • by rotator Location: Rockford on Oct 27, 2011 at 04:59 PM
    This man needs to spend the rest of his human days in jail. He has robbed investors of their retirement and homes.
  • by frobozz on Oct 26, 2011 at 06:03 PM
    200% return? Yeah that doesn't sound too good to be true. I'm all in.
    • reply
      by AF on Oct 28, 2011 at 06:47 AM in reply to frobozz
      so thankful that something is getting done about scum like this. Please take note to all parties involved.
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