Piccoli Ponzi scheme victims, including priests and church members, expected
to recover partial losses
Three years after Richard S. Piccoli was sentenced to spend 20 years in
prison for his alleged
Ponzi scheme, his victims are finally going to recover some of the cash they invested.
A federal judge in the case has recently said it will be possible for
the Securities and Exchange Commission (SEC) to pay out funds to 613 investors
harmed in the scam.
Piccoli allegedly used church bulletins and other means to lure priests
and elderly church members into the Ponzi scheme, and he was said to have
had 50 priests included on his client list. He was convicted and sentenced
for the scheme back in 2009, but the fight to recover investors’
losses has been a long process.
Unfortunately, none of Piccoli’s investors will see the full amount
of their money returned. The SEC is expected to pay out $6.2 million to
harmed investors, but investors are said to have put at least $25 million
into the alleged Ponzi scheme while it was active. The disbursements that
will be paid out to investors range from $1,214 all the way up to $1.3
million. The payments have been estimated to represent about 25 cents
on each dollar originally invested.
The $6.2 million being paid out to victims was acquired through the sale
of Piccoli’s personal and business assets seized in relation to
the civil suit again him. SEC attorney David P. Stoelting stated, “The
SEC is pleased that its enforcement action has led to this disbursement
of funds to victims of Richard Piccoli's massive investment fraud,
which robbed hundreds of victims of their life savings.”
If you have suffered investment losses in a Ponzi scheme or investment
scam, don’t wait until it’s too late to get help. Speak with
Ponzi scheme attorney with Meyer Wilson today.