Ponzi Scheme Targeted Catholics

AP Buffalo: The U.S Postal Inspection Service is taking information from people who believe they are victims of a nationwide Ponzi scheme allegedly masterminded by a Buffalo area man.

Richard Piccoli, 82, appeared in federal court on a criminal complaint charging him with mail fraud. Federal investigators say he got most of his clients for Gensee Capital Corp by advertising in Catholic newspapers.

Investigators believe the alleged Ponzi scheme took in at least $17 million.

He was ordered to return Tuesday for arraignment. He could face up to 20-years in prison and a $250,000 fine if convicted.

If you think you’ve been scammed by Gensee Capital Corp, you can call the hotline at 716-853 -5344.

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