Palm Beach Co. man gets 20 years for $80M scam

Posted at 8:26 AM, Mar 15, 2016

WEST PALM BEACH, Fla. (AP) -- A Palm Beach County man has been sentenced to 20 years in federal prison for bilking $80 million from investors in a virtual concierge business.

A West Palm Beach jury in December found 51-year-old Joseph Signore guilty of multiple charges, including fraud and money-laundering.

Authorities said the Palm Beach Gardens man sold video concierge machines through his Jupiter-based JCS Enterprises and falsely promised significant financial returns to 1,800 investors nationwide. Thousands of kiosks were pre-sold in the scam, but few were delivered.

Prosecutors said Signore, his ex-wife and 58-year-old Paul Schumack of Coconut Creek used money brought in by new investors to pay off earlier investors.

Schumack is scheduled for sentencing Thursday. Signore's ex-wife will be sentenced Tuesday.