UPDATE: Churchville pleads guilty to 21 million dollar Ponzi scheme

By: News Staff

news@abc6.com

Patrick Churchville, the Rhode Island financial adviser accused of orchestrating a 21 million dollar Ponzi scheme, pleads guilty on Thursday to 5 counts of wire fraud and 1 count of tax fraud.

The 47-year-old used 2.5 million dollars of investors’ funds to purchase his home in Barrington.

Churchville failed to pay more than 820 thousand dollars in personal federal income taxes and is also a defendant in a U.S. Securities and Exchange Commission civil matter.

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