Recovering Losses caused by Investment Misconduct

Federal authorities have charged Paul Joseph Cirigliano (aka Paul Cirano), from Fox River Grove, Illinois, with defrauding approximately 40 investors in a multi-state Ponzi scheme (“Suburban man charged in Ponzi scheme,” Daily Herald, Feb. 22, 2011).
 

Cirigliano, owner of the multimedia production company Panoptic Studios, is accused of soliciting investments from owners of Proforma franchises with promises of a 20 percent return on investments within 30 days. According to the complaint, investors from Illinois, Michigan, Wisconsin, and Ohio invested about $1.8 million with Cirigliano between 2004 and mid-2010.
 

As reported in the article, the federal complaint filed against Cirigliano alleges that he told investors that their investment funds would go toward the purchase of used analog video production equipment, which would then be resold to companies in the U.S. and South America. (Analog is an outdated format that most larger companies no longer use.)
 

Cirigliano has been charged with mail fraud, operating a Ponzi scheme, and other crimes. As reported in the article, authorities allege that Cirigliano told the owner of the office building where Panoptic Studios leases space that he was in need of “a fresh start” and would be moving to Costa Rica at the end of the month. A detention hearing was set for this week in Rockford.
 

About our law firm:
 

The Ohio-based law firm of David P. Meyer & Associates represents individuals in Ohio and throughout the country who have been harmed by investment fraud. All of our cases are handled on a contingency fee basis and we never request a retainer of any kind. Contact us toll-free at 1.866.429.2360 for more information or complete the online form on the top of this page and we will respond promptly.