His $1.2 million scam targeted retirement funds. He got that — and 24 years in prison

They were told over the phone of an opportunity to invest in precious metals. Instead, they were scammed out of their retirement accounts in a $1.2 million investment scheme.

One of the plan’s masterminds, John Cavallo Jr. of Palm Beach County, was sentenced to 24 years in prison Friday, the state attorney general’s office announced.

A Broward County jury found Cavallo guilty of racketeering, conspiracy to commit racketeering, fraudulent transactions, multiple degrees of grand theft and money laundering in May following an investigation by the Florida Department of Law Enforcement.

Masquerading as brokers selling gold, silver, platinum and palladium, Cavallo and others involved in the scheme conned at least 17 people across the U.S. into wiring them money or mailing checks from October 2009 through 2014, the attorney general’s office said. Most of the victims were seniors, and some died while court proceedings were ongoing.

Palm Beach County resident Allen Franks was sentenced to 38 years in prison in April after pleading guilty to charges related to his involvement in the scam. Franks, along with Cavallo and Danny Reynolds Jr., were the “leaders of the enterprise,” according to an arrest affidavit.

Along with them, two Greenville, South Carolina, residents, a Pompano Beach man and a St. Paul, Minnesota, man faced charges for involvement in the scheme. They, along with Reynolds, accepted pleas, according to the attorney general’s office.

Cavallo and others involved in the scam incorporated eight company names — including Cavallo Consulting Group Inc. — and opened more than 30 bank accounts to which victims sent money from their saving accounts, according to the attorney general. Less than 1 percent of the funds were used for the precious metals. The scammers pocketed the rest of the money or used it to continue the scheme.

“Protecting seniors is a top priority of my office, and we will not stand by while fraudsters try to drain Floridians’ hard-earned retirement accounts,” Florida Attorney General Ashley Moody said in a press release.

This story was originally published August 5, 2019 at 12:02 PM.