New Ponzi Scheme: 82-Year Old Mini-Madoff Defrauded Priests

The Ponzi Scheme Of The Day might become a regular feature at this pace. This morning we mentioned Joseph Forte, accused of running a $50 million fraud, and now comes word of a $17 million fraud in Upstate New York. The accused is Richard S. Piccoli, an 82-year old man who ripped off priests and other Catholic churchgoers.

Ripping off priests? Can you say “special ring of hell”? Richard S. Piccoli is charged with using his companies, Gen See Capital Corporation and Gen Unlimited to target priests and church members. Piccoli advertised extensively in local Catholic publications and encouraged parishes, priests and church members to invest with his firm.

Although he claimed to explain in detail to investors how he invested their money in discounted real estate mortgages, a review of his records showed no such investments.

The U.S. Attorney?s office revealed that Piccoli took in at least $17 million in investments since 2004.

We haven’t found much on this guy yet, except that his wife apparently passed away in 2005, and he was a donor to the Hauptman-Woodward Medical Research Institute.

See Also:
SEC Busts Another Ponzi!

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