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.
READ MORE: National Weather Service Forecasts Milder Than Average Winter For New England
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.READ MORE: Boston Shares Trick-Or-Treating Safety Tips: 'Encourage Your Children To Wear Masks Underneath Their Halloween Masks'
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.MORE NEWS: Just 100 COVID Cases Connected To Big E Out Of Nearly 1.5 Million Visitors
The West Roxbury man is out on bail.