WEST WARWICK – Thomas Huling of West Warwick allegedly ran a $14 million, decade-long Ponzi scheme, defrauding investors of roughly $6 million, according to the U.S. Department of Justice Wednesday.
Huling, 55, was indicted on charges of multiple counts of wire fraud, money laundering, and tax evasion in U.S. District Court in Providence Tuesday.
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Huling, who was formerly a mortgage broker, is alleged to have solicited funds for investments, promising substantial returns over a short period of time with minimal risk. He also was said to have incorporated religion and charitable projects, as well as celebrities, into his pitches.
The DOJ also alleged that Huling filed false tax returns and lied to Internal Revenue Service agents concerning his income, expenses and business activities.
Huling allegedly used shell companies to conceal his income and expenses. He also employed methods such as the extensive use of cash, manipulating books, recording sham loans and concealing personal assets as corporate assets. The DOJ said that Huling allegedly used the funds to support a lavish lifestyle including cars, golf memberships and vacations.
