Bloomberg: Ponzi Scheme Targeted Catholics, Priests, U.S. Says
U.S. prosecutors and market regulators accused a Buffalo, New York-area investment adviser of operating a Ponzi scheme that targeted Catholics, including priests.
Richard Piccoli, 82, was charged with mail fraud at federal court in Buffalo, U.S. Attorney Terrance Flynn said today in a statement. Piccoli placed advertisements in Catholic newspapers across the country while raising at least $17 million since 2004, according to the statement.
I wish that priests, religious orders, etc. all sought the advice of independent and skeptical financial advisers and invest in insured institutions rather than hedge funds or unregistered fund managers. Mathematically, Madoff's fraud was about 3,000 times greater.
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