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Former Stockbroker Sentenced to 6½ Years in Prison for $3.2 Million Investment Fraud, Cheating on Taxes and Grandparent Scam | USAO-CDCA

          SANTA ANA, California – A former licensed stockbroker was sentenced today to 78 months in federal prison for committing several felonies, including running a securities fraud scheme in which he targeted low-income Hispanic victims to obtain more than $3.2 million via false promises of high returns from construction loans.

          Robert Louis Cirillo, 61, of Chino Hills, was sentenced by United States District Judge David O. Carter, who also ordered him to pay $3,948,835 in restitution.

          Cirillo pleaded guilty on June 28 to one count of securities fraud, one count of filing a false tax return, and one count of conspiracy to commit wire fraud.

          From 2014 to 2021, Cirillo deceived more than 100 victims by lying to them that he would be investing their funds in short-term construction loans that would pay large return rates that ranged from 15% to 30% for a period of up to 90 days. As part of the scheme, Cirillo showed actual and prospective victim-investors fabricated bank statements that purported to show the investments’ growth.

          In fact, Cirillo never invested the victims’ money and instead used it for his own personal expenses, including credit card payments, a trip to Las Vegas, and two automobiles – a Jeep and an Alfa Romeo.

          Cirillo targeted members of the Hispanic community, many of whom were of limited means, for his fraudulent scheme. One victim…

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