A Palm Coast man was sentenced Wednesday at the Flagler County Courthouse to five years in prison and 20 years of probation after pleading guilty to 10 counts of sale of securities by an unregistered dealer and securities fraud/investment fraud.
Anthony Fregenti, 42, was also ordered to pay restitution of $3 million to his victims.
According to the State Attorney's Office, Fregenti told his victims if they invested in him he would purchase exotic cars and high-end motorcycles and then sell them to customers in Saudi Arabia for a larger profit.
“Ponzi schemes devastate the victims and their families, leaving many financially ruined," said State Attorney R.J. Larizza. "The judge’s sentence should serve as a reminder to those who engage in white collar crime, that they will face significant prison time as a consequence of their actions.”
Many victims who were conned out of their money came forward during the hearing, testifying against Fregenti.
“This defendant is a master of deception and we’re pleased he will not be able to defraud anyone else," said State Attorney Luis Bustamante. "Fregenti robbed the victims of their dreams, future and trust in people. A person like this deserves to go to prison.”
Fregenti reportedly paid $300,000 to go toward the victims prior to Wednesday's sentencing.
“That was merely a drop in the bucket to how much Fregenti still owes the victims and the victims are pleased that Circuit Judge David Walsh ordered the remaining restitution today,” said State Attorney Jennifer Dunton.
Fregenti must pay $100,000 a year to his victims after he is released from prison and on probation.