Staten Island investment adviser Joseph Mazella, who is on trial in Brooklyn federal court on fraud charges, allegedly duped a bunch of elderly people in a $12 million Ponzi scheme, according to the New York Post.
Mazella, who ran a Staten Island-based real-estate and financial consulting company, allegedly promised investors guaranteed returns and high interest rates, the report said.
Perhaps the saddest story is one of his alleged victims was Gloria Migliore, an 82-year-old widow. Migliore said Mazella told her he would treat her like his own mother, the report said.
However, Migliore lost the $69,000 her deceased husband left her. And to make matters worst, Migliore’s adult daughter was diagnosed with cancer during the ordeal.
Mazella’s attorney maintains that he is an honest man, the report said.