Ponzi Scheme arrest in Buffalo of 82 year old
Ponzi Suspect Is 82
By THE ASSOCIATED PRESS
Published: January 8, 2009
BUFFALO (AP) — An 82-year-old businessman was charged on Thursday with running a Ponzi scheme that took in at least $17 million from a clientele gleaned largely through ads in Catholic newspapers.
The businessman, Richard S. Piccoli, of Amherst, N.Y., was charged in United States District Court with mail fraud. He was ordered to return with a lawyer on Tuesday for arraignment.
He declined to comment after the hearing.
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