Elderly Victim Speaks Out after Alleged Ponzi Scheme
Although news of investment fraud and Ponzi schemes makes the news as investigations get under way, trials proceed, and convictions are handed down, it is somewhat rare that we see the stories of the financial fraud’s victims. However, as victims took the stand in the case against Joseph Mazella, an investment advisor accused of luring in the elderly with promises of high returns, we got a sad glimpse into the real-life effects of these kinds of scams. Many of the alleged victims were in tears as they told their side of the story.
Gloria Migliore was one of Mazella's alleged victims. An 82-year-old widow, Magliore became interested in the investment opportunity while trying to supplement her Social Security income. Magliore recounts budgeting, scrimping, and saving after the early death of her husband, and she was still working at Costco at the age of 74. She had hoped Mazella’s investment offer would grant her a little extra income.
Migliore explains that the money she used to invest had been left to her after her husband's death, and she says that it was all she had. She was tearful recounting her interactions with Mazella, saying "He told me he would treat me like his mother." She said that, initially, the monthly checks for $684 were coming regularly, but eventually those payments stopped. By the time Magliore found out that the money was gone, her daughter was being treated for cancer, bills were coming in, and she recounts telling Mazella that "I need the money. I can't even buy food."
Mazella has been accused of operating a Ponzi scheme and is facing charges of wire fraud, money laundering, and securities fraud.
The securities fraud lawyers with Meyer Wilson help harmed investors all over the nation recover their losses after investment scams, Ponzi schemes, and stock scams.