APPLETON, Wis. (WFRV) – A man from Appleton was given his prison sentence after he plead guilty to charges related to defrauding people of over $2 million.
According to authorities, 57-year-old Robert Narvett was sentenced to 15 years in prison for his role in running a Ponzi scheme. Narvett was also ordered to pay restitution to the victims as well as three years of supervised release.
Back in January, Narvett pleaded guilty to wire fraud and money laundering. He reportedly defrauded close to 70 different people. Which reportedly included his family, friends and neighbors.
The scheme lasted over a decade and he fraudulently took over two million dollars. The victims spoke at the sentencing hearing and described how Narvett ‘ruined their lives’.
Some described how credit scores were ruined, the inability to afford basic life necessities and having to find a job after initially retiring. One victim said the fraud made her a ‘prisoner of my life.’
“To satisfy his own greed, Mr. Narvett left a wake of financial devastation and shattered lives for his family, friends, and others whose trust he had gained. I commend the team of agents, attorneys, and support staff who dedicated themselves to pursuing justice for the victims in this case,” said U.S. Attorney Richard Frohling.
Narvett is also reportedly facing a pending civil action brought by the Commodities Futures Trading Commission regarding similar conduct.