The Rhode Island Department of Justice has announced that Thomas Huling, formerly of West Warwick, has been sentenced to eight years in prison for defrauding investors and evading taxes for over ten years.
Huling was accused of starting a Ponzi scheme in 2008 that would convince investors that they would be able to receive quick and substantial returns with little or no risk if they invested in certain projects. Huling solicited funds for these investments through a variety of means, including online advertising and marketing companies, high-yielding bond trading platforms, and a car emissions reduction technology.
Instead of investing the money as promised, Huling is accused of spending it on a lavish lifestyle. Huling used the money to pay for golf fees at multiple country clubs, travel, gambling, and personal purchases. Huling also used the money to pay off early investors by using money raised from new investors.
Huling’s lavish lifestyle continued while he was evading his taxes. Huling is accused of not filing income taxes for several years and of paying no income taxes at all. Huling used nominee bank accounts and paid for personal expenses using cash and corporate debit cards in order to conceal his income.
Huling was eventually caught and convicted of fraud and tax evasion. Huling has been sentenced to eight years in prison and will be required to serve three years of supervised release upon leaving prison. Huling is also required to pay restitution to the United States and victims of the fraud. The amount of restitution has not yet been determined.
Generative artificial intelligence (AI) assisted a What’sUpNewp journalist with the reporting included in this story.