Appleton man sentenced to federal prison for Ponzi scheme
GREEN BAY, Wis. (WBAY) – An Appleton man has been sentenced to 15 years in federal prison for a Ponzi scheme.
Robert Narvett, 57, was convicted of Wire Fraud and Money Laundering in federal court.
He was also ordered to pay restitution and three years of supervised release.
A federal grand jury indicted Narvett in March 2021. He pleaded guilty to Wire Fraud and Money Laundering in January 2022.
Narvett defrauded nearly 70 victims, including family, friends and neighbors. The $2 million scheme ran for a decade.
Victims spoke at sentencing, saying Narvett ruined their lives.
“Many described ruined credit scores, inability to afford basic life necessities, and having to re-enter the workforce after retiring,” reads a statement from the Eastern District of Wisconsin.
One victim told Judge William C. Griesbach that Narvett’s fraud made her a “prisoner of my life.”
Judge Griesbach said the crimes had the “earmarks of violent crime” because of the way it impacted Narvett’s victims.
Narvett is also facing civil action brought by the Commodities Futures Trading Commission.
“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…