Richard Piccoli Feed

January 10, 2009

"Fast Times at "Rich-mont High" | "S.Piccoli" in Buffalo Ponzi Scheme

by John Darer® CLU ChFC CSSC RSP

The Jews have Bernard Madoff and now the Catholics have Richard S. Piccoli in the latest despicable chapter of screwing your own".

Piccoli, 82, of Amherst, New York, a poor man's version of Bernard Madoff who even bears an odd resemblance, was charged on January 8, 2009 with running a multi-million dollar Ponzi Scheme that allegedly defrauded hundreds of Buffalo, New York area investors, many of whom were Catholic priests, parishes and parish members.

According reports in the Buffalo News and the Wall Street Journal, Piccoli claimed he could provide high returns by investing in discounted real estate portfolios consisting of safe "seasoned" mortgages. According to the SEC complaint  SEC v. Gen-See Capital Corp. and Richard S. Piccoli, 09 CV 0014 S (W.D.N.Y.), the Defendants relied heavily on advertisements in newsletters published by churches and dioceses. The Catholic News Agency reports that one of Gen-See's Ads used the tag line Earn More Worry Less, Your Money Deserves the Best" (a tag line more deserving of a pizza box, in the opinion of this author).

Federal prosecutors and the SEC said the scheme had operated for more than 30 years, draining investors of their life savings, college savings and retirement savings.

It is not known whether any tort victims or plaintiff attorney money was entrusted to Piccoli's Gen-See Capital Corporation, however the story clearly is just another example of "if it appears too good to be true", it may very well not be true. Our thoughts go to all of the victims of this horrible tragedy.

Click right for the SEC Release  SEC Brings Emergency Action to Halt Ponzi Scheme and Affinity Fraud Targeting Clergy, Catholics And Senior Citizens

Click right for the Buffalo News Story on Richard S. Piccoli

Click right for Catholic News Agency's "Alleged Multi-Million dollar Ponzi scheme targeted Catholics"  January 9, 2009

Richard PIccoli was sentenced to 20 years in prison for his crimes and is destined to die in jail.

 

 

Posted at 01:14 PM in Buffalo New York Structured Settlements, Buffalo Ponzi Scheme, Madoff Ponzi Scheme, Richard Piccoli , Securities Exchange Commission, Senior Sales Practices | | Comments (0)

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Guide to Structured Settlements 2024

  • What is a Structured Settlement? What You Need to Know
    Structured settlements and what you need to know about them including a helpful introductory video featuring A.M. Best Client Recommended Structured Settlement Expert and Registered Settlement Planner John Darer of 4structures.com LLC
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    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
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    Ways You Can Structure Your Settlement Payments in 2024. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
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    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as capped or uncapped index linked structured settlement annuities where payments are adjusted based on upside changes in the S&P 500 or another index, Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team in 2024.
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  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
  • History of Structured Settlements
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
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    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
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Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

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