Authorities say a Rhode Island financial adviser has agreed to plead guilty to orchestrating a $21 million Ponzi scheme.
The U.S. Attorney's office on Tuesday announced that court documents indicate that Patrick Churchville, of Barrington, will plead guilty to five counts of wire fraud and one count of tax fraud stemming from crimes authorities say he committed between 2008 and 2011.
Prosecutors say the 47-year-old Churchville used $2.5 million of investors' funds to purchase his home in Barrington and failed to pay more than $820,000 in personal federal income taxes.
He's also accused of misappropriating approximately $21 million dollars of investment money to operate his business, ClearPath Wealth Management, LLC.
Churchville is also a defendant in a U.S. Securities and Exchange Commission civil matter.