Local Ponzi scheme targets priests

BUFFALO, N.Y. (WIVB) - An 82-year old Williamsville man has been hauled into Federal Court on charges of mail fraud in connection with a Ponzi scheme that targeted the clergy.

Richard S. Piccoli is charged with using his companies, Gen See Capital Corporation and Gen Unlimited to target priests and church members. Piccoli advertised extensively in local Catholic publications and encouraged parishes, priests and church members to invest with his firm.

Although he claimed to explain in detail to investors how he invested their money in discounted real estate mortgages, a review of his records showed no such investments.

The U.S. Attorney’s office revealed that Piccoli took in at least $17 million in investments since 2004.

If you think you’ve may be a victim of this scheme you are encouraged to contact the Postal Inspection Service Hotline at 716-853-5344 and leave detailed information.

The charges against Piccoli carry a maximum penalty of 20 years in prison and a fine of $250,000.