Lisbon man sentenced for defrauding investors out of $1 million - WFMJ.com News weather sports for Youngstown-Warren Ohio

Lisbon man sentenced for defrauding investors out of $1 million

Posted: Updated:

A Lisbon man was sentenced to more than eight years in prison for defrauding people out of more than $1 million and using the money to pay for luxury cars and expensive vacations.

Paul L. Shockley, 24, was found guilty last year of three counts of mail fraud.

“This defendant lived the high life by stealing the fruits of other peoples’ labor", said U.S. Attorney Carole S. Rendon. “His days of fleeing responsibility for his actions are over.”

Shockley operated several fraud schemes.

RELATED COVERAGE: FBI: Columbiana County man scams couple's retirement fund

He established several companies, known collectively as D’Legato, that was a purported start-up venture that would operate an assisted living center. Neither Shockley nor any of his associates had operated an assisted-living center before.

Shockley defrauded four New York residents between 2013 and 2015 by causing them to invest in D’Legato through false and fraudulent misrepresentations, according to court documents.

Shockley persuaded one of the victims to use part of her retirement savings to make payments on unauthorized credit card transactions, falsely telling the victim the payments would be credited as investments in D’Legato.

The combined loss to victims in the D’Legato fraud scheme was approximately $563,000, according to court documents.

Shockley also induced victims to provide him with credit card information, which he used to make more than $308,000 in unauthorized purchases on at least 17 different credit cards, according to court documents.

In 2015, Shockley and others defrauded two other people by enticing them to invest in We Love Snobs, which purported to be an online luxury consignment store. Shockley routinely misled investors and told them investments would result in high returns, when in fact he used the money to pay personal expenses, unreasonably high salaries and luxury shopping sprees. The combined losses of the We Love Snobs scheme is $280,000, according to court documents.

Shockley also removed his ankle monitor and fled Ohio while out on bond after pleading guilty, according to court documents.

  • More From wfmj.comHot ClicksMore>>

  • AP-NORC Poll: For many online Americans, Facebook is a habit

    AP-NORC Poll: For many online Americans, Facebook is a habit

    Wednesday, April 25 2018 5:13 PM EDT2018-04-25 21:13:54 GMT
    (AP Photo/Mark Lennihan, File). FILE- In this Jan. 13, 2016, file photo, Icons for Twitter, Instagram, Facebook and Pinterest are displayed on a window in New York. A new poll by the Associated Press-NORC Center for Public Affairs Research says 12 perc...(AP Photo/Mark Lennihan, File). FILE- In this Jan. 13, 2016, file photo, Icons for Twitter, Instagram, Facebook and Pinterest are displayed on a window in New York. A new poll by the Associated Press-NORC Center for Public Affairs Research says 12 perc...
    Nearly half of Americans who use the internet say they use Facebook at least several times a day, with Facebook-owned Instagram coming in No. 2 among social media sites.More >>
    Nearly half of Americans who use the internet say they use Facebook at least several times a day, with Facebook-owned Instagram coming in No. 2 among social media sites.More >>
  • AP-NORC poll: Privacy debacle prompts social-media changes

    AP-NORC poll: Privacy debacle prompts social-media changes

    Wednesday, April 25 2018 5:13 PM EDT2018-04-25 21:13:52 GMT
    (AP Photo/Jeff Chiu, File). FILE - In this March 26, 2018, file photo, a man poses for photos in front of a computer showing Facebook ad preferences pages in San Francisco. If you’ve made changes to how you use social media since Facebook’s Cambridge A...(AP Photo/Jeff Chiu, File). FILE - In this March 26, 2018, file photo, a man poses for photos in front of a computer showing Facebook ad preferences pages in San Francisco. If you’ve made changes to how you use social media since Facebook’s Cambridge A...
    AP-NORC poll: Facebook's privacy debacle prompts social-media cutbacks.More >>
    AP-NORC poll: Facebook's privacy debacle prompts social-media cutbacks.More >>
  • Correction: Waffle House Shooting-Gunman story

    Correction: Waffle House Shooting-Gunman story

    Wednesday, April 25 2018 1:19 PM EDT2018-04-25 17:19:38 GMT
    (Lacy Atkins/The Tennessean via AP). In this Monday, April 23, 2018 photo, Travis Reinking, suspected of killing four people in a late-night shooting at a Waffle House restaurant, is escorted into the Hill Detention Center in Nashville, Tenn., Monday, ...(Lacy Atkins/The Tennessean via AP). In this Monday, April 23, 2018 photo, Travis Reinking, suspected of killing four people in a late-night shooting at a Waffle House restaurant, is escorted into the Hill Detention Center in Nashville, Tenn., Monday, ...
    Waffle House gunman's erratic behavior began years before Tennessee restaurant attack.More >>
    Waffle House gunman's erratic behavior began years before Tennessee restaurant attack.More >>
Powered by Frankly
All content © Copyright 2000 - 2018 WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms