Even as James Ward Doyle was luring victims to phony investments, his partner-in-crime was using the new money to pay victims of previous larcenies.
Doyle, 74, of Hartsdale, was sentenced in a Delaware County criminal court on Jan. 11 to 5 years of probation for his part in a Ponzi scheme that cheated investors of more than $1 million. He had pleaded guilty to money laundering and a scheme to defraud.
His partner, Carl R. Carro, 61, of Walton, Delaware County, was sentenced to 4 to 8 years in prison. He had pleaded guilty to money laundering, securities fraud, scheme to defraud and failure to file personal income tax returns.
From 2012 to 2020 they used Endeavor Management Solutions and Endeavor Consultancy Inc. to divert investor funds to their personal uses, according to court records.
Doyle posed as a partner in a headhunting firm that was helping prestigious clients find potential candidates for lucrative board of directors positions.
Then Doyle presented the candidates with a “business opportunity,” according to the felony complaint. Candidates who agreed to put money into Endeavor’s Cash Reserve Fund, typically for 30 days, would get back their money plus 10% interest. They were promised that the funds would never be put in any investments or placed at risk.
But there was no cash reserve fund.
The short-term loans were transferred to several bank accounts the men controlled, according to court records, to disguise the true source…
