SEC-Appointed Receiver in RI-based Ponzi Scheme

Pierce Atwood partner Stephen Del Sesto, the only SEC-approved receivership attorney in Rhode Island, serves as receiver in the federal court receivership proceeding concerning the multimillion dollar Ponzi scheme, the first SEC investigation of a Ponzi scheme based in Rhode Island.

Stephen was appointed by the Chief Judge of the Rhode Island Federal District to investigate and recover the $21 million in assets misappropriated in the Ponzi scheme orchestrated by Patrick E. Churchville, the owner and president of ClearPath Wealth Management, LLC, formerly located in Providence and Barrington R.I. More than 110 investors were deceived in Churchville’s scheme. Following a guilty plea, Churchville was sentenced in March 2017 to seven years in prison and ordered to pay restitution and perform 2,000 hours of community service.

The investigation was carried out by the FBI, IRS Criminal Investigation, U.S. Postal Inspection Service and the United States Attorney’s Office.

Click here for details of the receivership filings.

Click here to read more about the case from the SEC and the U.S. Attorney’s Office.