New charges in Ponzi scheme - Boston News, Weather, Sports | FOX 25 | MyFoxBoston

New charges in Ponzi scheme

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More trouble for a family from West Roxbury accused of stealing millions of dollars from people who thought they were investing their money.

A Suffolk County Grand Jury has returned more indictments in the case and the district attorney is now calling it one of the worst investment scams in almost 100 years.
 
Prosecutors now say Steven Palladino, his wife Lori, and their son Gregory stole more than $10,000,000 from dozens of investors who gave money to the Palladinos' company, Viking Financial Group.
 
A grand jury first indicted Steven and Lori Palladino back in March.
 
Authorities say they ran a multi-million dollar Ponzi scheme.
 
Investors thought the money was being used to make high interest loans to developers and small businesses unable to obtain traditional financing.
 
Authorities say there were very few real loans to borrowers and that the money was actually used to fund a lavish lifestyle for the Palladinos.
 
FOX Undercover obtained a Boston police investigator's report which shows how the Palladinos spent money in 2011 and 2012, during the time authorities believe they were defrauding investors.
 
It includes $55,000 spent at the Hard Rock Hotel and Casino, $55,000 on vacations in the Bahamas, and hundreds of thousands of dollars at other casinos.
 
Investors believe the Palladinos are still living large using money from investors, something an attorney representing the Palladinos denies.
 
The Palladinos will be in court on the new charges on September 30.
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