By Eileen Buckley
http://stream.publicbroadcasting.net/production/mp3/wbfo/local-wbfo-842043.mp3
Buffalo, NY – A Williamsville businessman accused of bilking millions of out of investors pleaded guilty in Federal Court Monday. Richard Piccoli, 82, operated a Ponzi scheme for years. He pleaded guilty to one count of mail fraud and one count of tax fraud.
Many of Piccoli's clients were senior citizens and members of the Catholic community, including some local clergy. More than 100 people, many of them victims of the Ponzi scheme, packed the courtroom. Piccoli had no comment as he left court.
Even with restitution, many of the victims said they're not expecting to recover all that they lost.
Piccoli will be sentenced in October. He faces up to 25 years in prison.
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