Huntington Man Sentenced to Prison for Financial Fraud

A Huntington man, 56, was sentenced to 21-to-63 years in prison for running a real estate scheme that bilked clients of their retirement savings, authorities said.

Paul White was sentenced to serve consecutive three-to-nine year prison terms for each of the seven convictions for second degree grand larceny. He was convicted on Dec 5, after a two-month trial, according to the Suffolk County District Attorney’s office.

White also received a one-and-one-third-to-four year term for a scheme-to-defraud conviction, the DA’s office said.

White deceived investors by promising lucrative federal tax benefits in commercial real estate transactions, Suffolk County District Attorney Thomas Spota said.

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Spota credited auditors and Economic Crime Bureau ADA Thalia Stavrides for an investigation that dated back to 2008.

“White swindled millions from these seven people,” Spota said, in a statement.

“Instead of investing their money, White spent their money. He financed a comfortable lifestyle, including the purchase of a farm for himself in Cleveland County, North Carolina, that he turned into a game reserve and used for hunting,” Spota added.

White told elderly men and women, who trusted him with their retirement money, that he was a financial advisor operating under the name of Professional Investment Advisor Inc., Spota said.

The court also issued a restitution judgment order directing White to pay back the seven victims in the indictment a total of $2.975 million, according to the DA’s office.

White maintained that hoped to make money for his clients. His attorney in court said his client expressed remorse, claiming that he would reimburse his clients if possible.

Image: Paul White/SCDA

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