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Man gets 11 years in mail fraud, money laundering
By Times Staff Writer
Published July 27, 2005
TAMPA - An Arizona man was sentenced to 11 years in prison on Monday for his part in an $18.4-million investment scheme based in Clearwater.
Gene Tyrrell of Glendale, Ariz., had been convicted in April of securities and mail fraud and money laundering.
The federal jury also found Tyrrell, Joseph Cuciniello of Oldsmar and Dean Sinibaldi of Fort Myers guilty of conspiracy to commit securities and mail fraud in the scheme.
U.S. Attorney Paul Perez had said the men behind Millennium Investment Inc. and Stonehedge Group Inc. sold worthless promissory notes and other securities to more than 300 investors. Perez said they falsely claimed the money would be used to buy high-quality securities and that investors' principal was guaranteed. Up to 70 percent of the money was diverted to other uses, Perez said.
He called the investments a Ponzi scheme, a scam in which money from new investors is used to make payments to earlier investors until the deal collapses.
[Last modified July 27, 2005, 01:03:14]
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