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Huntington Man Sentenced for $1.7M Investment Scam

Money

A former financial adviser from Huntington was sentenced Friday to 3 1/2 years in federal prison for conning investors in a $1.7-million scheme.

Daniel Winston LaMarco had pleaded guilty last year at Central Islip federal court to wire fraud and commodities fraud.

Prosecutors said the 51-year-old man used false claims regarding his investment performance to solicit investors to fund a commodity pool that he ran, which invested in the Foreign Exchange Market beginning in 2011.

Two of the victims invested proceeds from a home equity loan at his urging, authorities said. LaMarco sent false monthly statements to victims suggesting that their investment doubled in value when in fact he lost almost all of their money, according to investigators.

Judge Arthur D. Spatt also ordered LaMarco to pay $872,600 in restitution to the investors.

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