Pick a Pack of Ponzies

Updated: 01/08/09 02:47 PM
buffalonews.com

An Amherst businessman was charged today with running a multi-million dollar Ponzi scheme that defrauded hundreds of local investors, many of them Catholic priests, parishes and parish members.

Richard S. Piccoli, 82, is charged with a felony count of mail fraud, the U.S. Attorney's office reported. Since January 2004, Piccoli's company -- Gen-See Capital Corp. ofWilliamsville -- has taken in more than $17 million from 250 investors, authorities said. It is unclear how much money is missing.Jan 7, 2009 2:28 pm
cbs2.com

A Malibu man arrested in an alleged $15 million Ponzi-like scheme that financed a lavish lifestyle that included private jets and the production of a movie starring Busta Rhymes is scheduled to make his initial appearance in a Los Angeles federal courtroom today.

Charles G. Martin, 43, was arrested late Tuesday in Los Angeles, federal agents said. A second defendant, John E. Walsh, 60, of Glencoe, Ill., was picked up in the Chicago area today, the U.S. Attorney's Office said.

Both men were charged with one count each of wire fraud in a federal criminal complaint filed Tuesday and unsealed today, officials said.


January 08, 2009
11:10 AM ET

WASHINGTON -(Dow Jones)- The U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission said Thursday they have brought civil charges against Joseph S. Forte of Pennsylvania, who is accused of running a $50 million Ponzi scheme.

Authorities said Forte, of Broomall, Pa., recently confessed to federal officials after his alleged Ponzi scheme fell apart. It was unclear if criminal charges have been filed.

According to the SEC, Forte obtained the $50 million from as many as 80 different investors through the sale of securities in the form of limited partnership interests in his firm, Joseph Forte, L.P. They claim he told the investors he would invest their money into an account that trades in securities futures contracts, including S&P 500 stock index futures.

LOS ANGELES
Jan 7, 2009 2:28 pm US/Pacific
cbs2.com

A Malibu man arrested in an alleged $15 million Ponzi-like scheme that financed a lavish lifestyle that included private jets and the production of a movie starring Busta Rhymes is scheduled to make his initial appearance in a Los Angeles federal courtroom today.

Charles G. Martin, 43, was arrested late Tuesday in Los Angeles, federal agents said. A second defendant, John E. Walsh, 60, of Glencoe, Ill., was picked up in the Chicago area today, the U.S. Attorney's Office said.

Both men were charged with one count each of wire fraud in a federal criminal complaint filed Tuesday and unsealed today, officials said.