Crime & Safety
Coventry Man Convicted Of Embezzling $1.3M Through Ponzi Scheme
Vincent Mitchell stole more than $1.3 million from 11 clients at his estate planning practice over the course of three years.
COVENTRY, RI — A Coventry man has been sentenced to 20 years in prison with eight to serve after being convicted of embezzlement. Vincent Mitchell, 58, stole more than $1.3 million from clients at his estate planning practice over the course of several years using a Ponzi scheme.
According to the Rhode Island Attorney General Peter Neronha's office, Mitchell embezzled the funds from 11 clients between October 1, 2014 and September 8, 2017. Mitchell set up a limited liability corporation (LLC), so his clients believed they were investing in a legitimate business. Instead of investing the funds, Mitchell used the money to pay for his alcohol, gambling and drug habits, which had been funded from his personal and law firm bank accounts.
The 11 victims are all older adults, and several have since died.
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Along with serving eight years in prison, Mitchell was ordered to serve out the remainder of his 20-year sentence with probation and pay full restitution of the $1,302,232.75.
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