Boston Couple Charged With Running MultiMillion Dollar Ponzi Scheme

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420x316-grad-tunnicliffe1 Kim Tunnicliffe
Kim Tunnicliffe is an anchor and reporter for WBZ Newsradio 1030. She...
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BOSTON (AP) — A Boston couple has been charged in connection with what prosecutors are calling a multimillion dollar Ponzi scheme in which they used investors’ money to fund a lavish lifestyle.

WBZ NewsRadio 1030’s Kim Tunnicliffe reports

Steven Palladino is scheduled to be arraigned Monday on multiple counts, including larceny and loan sharking.

Palladino and his wife, Lori, were indicted last week. She is scheduled to be arraigned next month.

Prosecutors say the Palladinos were the owners of Viking Financial Group Inc.

Prosecutors allege Viking borrowed money from investors, who were told the funds would be used to provide loans at a higher interest rate.

Very little of the money was used to make loans, but instead was used to pay for vacations, gambling and other personal reasons.

A message left for Steven Palladino was not immediately returned.

Copyright 2013 The Associated Press.

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