There is no Saudi prince and there was no return on investments. A Palm Coast man who operated a Ponzi scheme was sentenced Wednesday at the Flagler County Courthouse, after several witnesses spoke of how he had defrauded them. Anthony Fregenti, 42, was sentenced to five years in prison, followed by twenty years’ probation and ordered to pay restitution of $3 million dollars to his victims. The Palm Coast man must pay $100,000 a year once he is released from prison and on probation.
Judge J. David Walsh imposed the sentence after a day-long hearing.
“Ponzi schemes devastate the victims and their families, leaving many financially ruined,” State Attorney R. J. Larizza said. “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.”
One victim was a neighbor who became friends with Fregenti and invested money with the defendant. Other victims knew or met Fregenti in Palm Coast through his phony store front business, Dark Hawk Enterprises.
Assistant State Attorneys Luis Bustamante and Jennifer Dunton prosecuted Fregenti. The state attorneys brought forward several victims who were conned out of their money. After Antonio Amaral, Jr., a victim, who reported the crime to the Flagler County Sheriff’s Office, more victims came forward.
Bustamante read the victims’ impact statements and said, “This defendant is a master of deception and we’re pleased he will not be able to defraud anyone else. Fregenti robbed the victims of their dreams, future, and trust in people. A person like this deserves to go to prison.” Fregenti told his victims that if they invested with him, he would purchase exotic cars and high end motorcycles and then sell them to his customers in Saudi Arabia, including a prince, for a large profit.
Fregenti pled guilty to ten counts of Sale of Securities by an Unregistered Dealer, a third degree felony; ten counts of Sale of Unregistered Securities, a third degree felony; and Securities Fraud/Investment Fraud, a first degree felony, in September. The defendant paid $300,000 in restitution.
“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,” Assistant State Attorney Jennifer Dunton said.
Anthony Fregenti Ponzi Information and Arrest Report
RHWeir says
This guy is doomed to poverty the rest of his life. Given what he did to people, seems appropriate. But, it will be hard for him to pay them back. As I recall, there were at least one or two others involved in Dark Hawk. I have to wonder what their status is?
Mike says
Not poor at all! He lives in Cleveland Ohio and drives around in an expensive Land Rover. His business practices are shady and I got involved as a customer. He tried to steal my accounts but I alerted them to this article
This Place is Nuts says
What’s interesting is one of the main people he ripped off was a big Palm Coast Builder who himself went to federal prison for dirty deeds in the early 90s here. What goes around comes around. One of the many that have come to this once beautiful town to pilfer it. Well, at least when he gets out he has an excellent chance at a career of stunt doubling for Shrek.
SimpleMan says
Greed begets Greed !! enough said
Nikia says
I remember thinking a few yrs back that he was shady when my son went to school with his daughter. She is another one of his victims in this whole thing. Feel so bad for her.
Outsider says
This guy offered to take me to the auto auction to buy a vehicle wholesale…..glad I never went.
shawn Barnett says
This guy thought he was real slick, I met him and his nasty tattoed wanna be bad ass biker wife one time at a neighborhood gathering, he thought he was a real TOUGH guy, truth is he’s just another has been from Long island that couldn’t make it up North, welcome to D.O.C Shrek, I hope you enjoy your stay and miss your children growing up, good riddance!
Anonymous says
The nicest people live in Palm Coast.
Robert Fortier says
Don’t let a few bad apple spoil the whole town. But the county really does have to clamp down on lowlife landlords and the earths bottom scum if Palm Coast is to stay an optional place to lay your hat. The people have to demand a Zero Tolerance Standard from their elected officials, as well as the judges who meter out the punishment. Still, I love Palm Coast!
Ric says
I was only taken for $10,000… I dropped my car off at Custom Cruisers (St Aug) back in June of 2012, he said he was the new owner and would put a new engine in it for me… I had the car painted and all I was waiting on was the engine… Well apparently he spent the $10,000 and all I have is a car and NO ENGINE… Yeah I know it is just a little, but coming back from Afghanistan and having no car… well is hard not to be pissed.
RichieRich says
My name is Richie F. I live in Savannah Georgia and Tony had a Chopper Shop in Pooler Georgia Blue Collar Cycles, I dropped my bike off for the gas tank to be repainted and Tony said give him 2 weeks, well I called and he said it will be done in another week making it 3 weeks, my father and I went to see what was going on with it at his shop and he had skipped town with my Chopper and a couple more people’s as well. I never knew where he went or anything but am glad to see he’s caught! I know it’s a shot in the dark but I would love to get my Chopper back or be payed back for it! Idk how I would go about it but just want justice to be served. More than anything I just want another Chopper and not on my dime!