WEST PALM BEACH, Fla. (AP) – A Palm Beach County man has been sentenced to 20 years in federal prison for bilking $80 million from investors in a virtual concierge business.
A West Palm Beach jury in December found 51-year-old Joseph Signore guilty of multiple charges, including fraud and money-laundering.
Authorities said the Palm Beach Gardens man sold video concierge machines through his Jupiter-based JCS Enterprises and falsely promised significant financial returns to 1,800 investors nationwide. Thousands of kiosks were pre-sold in the scam, but few were delivered.
Prosecutors said Signore, his ex-wife and 58-year-old Paul Schumack of Coconut Creek used money brought in by new investors to pay off earlier investors.
Schumack is scheduled for sentencing Thursday. Signore’s ex-wife will be sentenced Tuesday.
Signore had faced up to 30 years in prison.