Rhode Island man sentenced to prison for decade-long Ponzi scheme

PROVIDENCE, R.I. (WLNE) — A Rhode Island man was sentenced to eight years in prison for orchestrating a decade-long Ponzi scheme.

The District Attorney’s Office said former West Warwick resident Thomas Huling defrauded investors by promoting several investment projects, using the money to fund a luxurious lifestyle.

The supposed investment projects included high-yielding bond trading platforms, a car emissions reduction technology, and an online advertising and marketing company, officials said.

According to authorities, Huling gathered funds for these investments by saying the they would achieve quick and substantial returns with little to no risk.

Huling then used investor money to purchase high-end cars, golf memberships and more, hiding his personal use of the funds by creating shell companies, opening over 50 bank accounts and engaging in complicated financial transactions.

Officials said Huling gave concerned investors false excuses and promises, and sometimes used money from new investors to appease certain early investors.

Authorities added that, while Huling was defrauding his investors, he was also evading his taxes, reporting no taxable income between 2009 to April 2018.

Huling paid no income taxes during that timeframe and for some years filed fraudulent individual and corporate income tax returns.

Huling was ordered to serve three years of supervised release and to pay restitution to the United States and victims of the fraud in an amount to be determined later, in addition to his prison sentence, according to officials.

The District Attorney’s Office credited the IRS Criminal Investigation and the FBI with investigating the case.