As three members of a West Roxbury family were sentenced yesterday for bilking their victims out of more than $10 million to fund their lavish lifestyle, officials warned potential investors to take steps to protect themselves from such Ponzi schemes.
"If it looks too good to be true, it probably is," said Brian McNiff of the Massachusetts Secretary of State's Office, which enforces the Uniform Securities Act.
McNiff advised people to get investment opportunities in writing and check with the office to make sure the person offering them is a registered securities broker or investment advisor, and to find out if the person has been the subject of complaints.
Steven Palladino, 56, of West Roxbury convinced dozens of people to loan Viking Financial Group — the company his family formed in 2007 — more than $10 million, promising high returns, prosecutors said.
The Palladinos transferred the funds into their personal accounts to fund luxury vehicles, a vacation in the Bahamas, rent for Steven Palladino's mistress and casino trips, prosecutors said.
Yesterday, Steven Palladino was sentenced to 10 to 12 years in state prison, with five years probation. Lori Palladino, 52, was sentenced to two years, suspended for five years. Gregory Palladino, 28, was sentenced to two years, with five years probation. All three were ordered to pay restitution.
Steven Palladino "ruined our lives," said one woman, who said she lost $280,000. She declined to give her name. "I had my own little nest egg. But there's no chance of my retiring soon now."
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