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Old-Timer Accused of Running Ponzi Scam

BUFFALO, N.Y. (CN) - An 82-year-old man is accused of running a $17 million Ponzi scheme that he advertised in Catholic newspapers. Richard Piccoli, of Williamsville, ran the con through his companied Gen See Capital Corp., and Gen Unlimited, the SEC claims in Federal Court.

Piccoli, who also faces criminal charges, "guaranteed" annual returns of 7.1% and claimed to make his money in "discounted real estate mortgages," the U.S. Attorney's Office said. But it was just a Ponzi scheme, in which old suckers were paid off with new money, prosecutors said.

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