Schenectady investment advisor sentenced for stealing millions of dollars from his clients

SCHENECTADY, NY (NEWS10) – Scott Velente used investors’ hard earned money to buy jewelry, vacation homes, and liquor.

He lied to his clients and stole a total of 10 million dollars.

Friday, some of those victims stood up in federal court saying how the theft impacted them not just financially but emotionally.

“I’m 65 and disabled now and I don’t know what I’m going to do”, said Carol Carpenter.

Carol Carpenter is one of Scott Velente’s 103 victims. He stole $100,000 from her and Carol, like the other victims, wants her money back but that could be difficult.

“Our recovery effort will be to squeeze every asset we can out of him”, said Carpenter.

Velente, who described himself as greedy, thoughtless, and selfish in court Friday, squandered most of the money away. This left victim Janice Williams wondering what’s next.

“It’s been a very tough couple of years to wonder what’s going to happen and we still have no idea when we’ll know what we’ll see back”, said Williams.

Scott Velente will spend twenty years behind bars for the crimes.

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