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Government charges 82-year-old man with mail fraud:SEC

WASHINGTON
Thu Jan 8, 2009 2:56pm EST

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission and the Justice Departmen says 82-year-old New York state man, Richard Piccoli, was charged with mail fraud linked to alleged Ponzi scheme.

* Say Piccoli operated fraudulent investment scheme through his business, Gen-See Capital Corp.

* Say Piccoli took in at least $17 million in investment funds since 2004.

* Say SEC is seeking a court order to freeze the assets of Piccoli and Gen See Capital Corp.

* Say Piccoli allegedly guaranteed investors an annual return of 7.1 percent in advertisements in Catholic newspapers throughout the United States by investing money in discounted real estate mortgages but review of his bank records show no such investments.


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