A Wisconsin man was sentenced to serve more than a decade in prison after being convicted on charges connected to a Ponzi scheme with roughly 70 victims.
According to a release from the Department of Justice, Robert Narvett was sentenced for one count of wire fraud and one count of money laundering.
In addition to the prison sentence, he was mandated to pay restitution to his victims and a $100 special assessment and serve three years of supervised release.
“The sentence imposed in this case reflects the devastating impact that white collar crime can have on individual victims and our entire community,” stated U.S. Attorney Robert Frohling. “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.”
Narvett took more than $2 million from his family, friends, and neighbors over the span of a decade. After his crimes, many detailed the hardships they faced when trying to pay their expenses, including one individual who was forced out of retirement.
“The fraud committed by a trusted friend, family member, and neighbor for personal gain was devastating and negatively impacted our community members.” said FBI Special Agent in Charge Michael E. Hensle. “The FBI continues to work with our partners at the United States Attorney’s Office to ensure perpetrators of financial fraud are investigated and brought to face justice.”
Narvett may also face some civil penalties. He is eligible for legal action under the Commodities Futures Trading Commission.
The case was investigated by the Federal Bureau of Investigation.
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Cooper Moran is a reporter for The Wisconsin Daily Star and The Star News Network. Email tips to [email protected].
Photo “Robert Narvett” by Brown County Jail.
