Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Friday, March 29, 2024 | Back issues
Courthouse News Service Courthouse News Service

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.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...