Investors Bilked In Alleged West Roxbury Ponzi Scheme Appear In Court
BOSTON (CBS) — Several investors who say a West Roxbury man stole millions from them in an alleged Ponzi scheme were in federal court Tuesday seeking the return of about $14 million.
Steven Palladino, his wife, Lori, and their son, Gregory, face charges including larceny, usury, and related offenses stemming from their involvement in what prosecutors allege was a massive Ponzi scheme operating out of their West Roxbury financial group.
Palladino is accused of swindling investors in a scheme that featured guaranteed high-interest mortgages. Prosecutors say Palladino and his family members squandered their ill-gotten gains on casino gambling, lavish vacations and luxury cars.
The West Roxbury man is out on bail.