Valente sentenced in multi million dollar ponzi scheme

ALBANY, NY (NEWS 10) – Friday in federal court, 58-year-old Scott Valente was sentenced to 20 years in prison for swindling more than 100 investors out of more than $10 million.

He also must pay back $8.2 million in restitution. Money he spent on vacation homes, jewelry for his wife, and liquor.

Four of Valente’s victims stood up in court, during the sentencing and told the judge how Valente used his family and personal connections to earn their trust and then steal from them.

Valente spoke too, saying he was “greedy, thoughtless, and selfish” and asked for his victim’s forgiveness.

Although Valente has been ordered to pay $8.3 in restitution, the U.S. Attorney’s Office says it’s likely the victims won’t get all they they lost back. The attorney’s office is working to liquidate Valente’s assets so victims can get the money they’re owed.

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