Developer gets 6 years in prison for $58M Ponzi scheme A White Plains developer who pleaded guilty to defrauding investors at projects in Westchester, Manhattan and the Hamptons has been sentenced to six years in prison. Federal prosecutors accused Michael D’Alessio, the former president and CEO of Michael Paul Enterprises, of pouring more than $58 million in investor funds into shell accounts that he used to pay off money he owed — including gambling debts — and cash out […]