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Ponte, Rivernider, and Seneca Plead Guilty in Two Investment Scams

In a recent article out of Connecticut, it was revealed that Robert Ponte, Robert Rivernider, and Loretta Seneca have now pleaded guilty in an investment fraud case that involves two separate investment scams and millions of dollars in investor losses.

According to the allegations against them, Ponte and Rivernider were involved in an investment scam that took about $3 million from investors by promising big returns on their allegedly fictitious “No More Bills” program. Investors reportedly borrowed from home equity loans and retirement funds to participate in the fake investment opportunity, while Ponte and Rivernider allegedly used investor cash on personal expenses and to pay off prior investors.

Additionally, Ponte and Rivernider are accused of running a real estate investment scheme with help from Seneca, who is Rivernider’s sister. The three allegedly duped both investors and lenders with false representations in the course of the scheme, which involved 100 or more real estate properties. Lenders alone are said to have lost over $20 million in the scam.

Regarding the case, US Attorney David Fein stated that “…Rivernider and Ponte recruited individuals to invest their money by making false promises of guaranteed, high returns. Their investment program was nothing more than a Ponzi scheme.” Fein also pointed to the later real estate scam in which Seneca was involved, stating that it “left several investors in financial ruin.” Ponte, Rivernider, and Seneca are all scheduled for sentencing on separate dates toward the end of May 2013.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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