CENTRAL ISLIP, N.Y. (CBSNewYork/AP) – A former president of a suburban youth soccer cub has pleaded guilty to running a $5 million Ponzi scheme.

Federal prosecutors say Robert Rocco pleaded guilty Tuesday on Long Island to wire fraud. He faces up to 20 years in prison. He also faces a fine of more than $250,000 and must pay $3.4 million in restitution.

A sentencing date has yet to be determined.

Rocco is the former head of the Dix Hills Soccer Club.

Prosecutors say he solicited $5 million from club members, volunteers, friends and neighbors between 2006 and 2013. The money was never invested as he had promised.

Instead, prosecutors say he solicited money from new investors to make small monthly payments to earlier investors to avoid being detected.

Neighbors were shocked to learn about a federal indictment that was unsealed in 2013.

You Might Also Be Interested In:

[display-posts category=”news” wrapper=”ul” posts_per_page=”4″]

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

Comments

Leave a Reply