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Rudolph Carryl, 68, formerly of Oyster Bay, N.Y., was sentenced on September 19, 2019 to 74 months in prison and two years of supervised release for executing an investment scheme that defrauded retired victims of more than $440,000 in North Carolina.

Rudolph was also ordered to pay $444,500 in restitution.

According to plea related documents Rudolph held himself out as an investment advisor to his victims and operated Carryl Capital Management, an investment management firm with offices in New York City. Carryl Capital Management maintained a website that purported the firm adhered to rigorous risk control measures, and was dedicated to achieving the investment goals for its clients.

In or about February 2015, Rudolph induced a victim to hand over money which he promised to invest in stocks. Over the course of two years, the victim, who was Rudolph's childhood friend and a retired nurse living in North Carolina, wired more than $90,000 to an account controlled by Rudolph, based on Rudolph's misrepresentations that the victim’s money would be used to purchase stocks.

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Similarly, in or about May 2015, Rudolph solicited two more victims to invest approximately $350,000 in a purported investment fund that was managed by Rudolph. To induce the retired couple to part with their money, Rudolph claimed that he was a successful investment adviser who managed investments for the country of Saudi Arabia and that he was friends with wealthy celebrities.

According to court records, rather than invest the victims’ funds as promised, Rudolph used the money to pay for personal and other expenses, to repay his other victims other misconduct, and to make substantial cash withdrawals.

Unbeknownst to his victims, Rudolph was being investigated and ultimately was convicted of federal wire fraud charges related to a separate investment scheme at the same time he was defrauding his victims in North Carolina.

Rudolph was sentenced in August 2017 by a federal judge in New York to 12 months and one day in prison for the other fraud. After his sentencing but before he reported to the Federal Bureau of Prisons to begin serving his sentence, Rudolph continued to be in contact with one of the victims, assuring that the victim's investments were doing ok, all the while failing to disclose any information about his conviction or his impending report date to the Federal Bureau of Prisons.

Rudolph previously pleaded guilty to securities fraud, and he is currently detained.