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	Ponzi Scheme Targets Catholic Investors, Including 3 Here By Michael Zeigler Democrat and Chronicle January 9, 2009 http://www.democratandchronicle.com/article/20090109/NEWS01/901090354/1002/NEWS An Erie County man is charged with running an illegal Ponzi scheme that allegedly defrauded 250 Roman Catholic investors — at least three in Monroe County — of $17 million. Richard S. Piccoli, 82, of Amherst, appeared Thursday in U.S. District Court in Buffalo on a felony charge of mail fraud. He also faces a civil complaint, brought by the U.S. Securities and Exchange Commission, alleging that he committed securities fraud. Piccoli declined to comment after his appearance. A judge ordered him to return to court Tuesday with a lawyer for arraignment. Claiming that he was investing in home mortgages, Piccoli advertised the services of his company, Gen-See Capital Corp. of Williamsville, in Catholic newspapers across the nation, including the Catholic Courier of the Diocese of Rochester. His clients included not only individuals, but Catholic parishes, priests, religious orders and cemetery funds, the U.S. Attorney's Office said. Piccoli advertised in the Catholic Courier for 12 years, said Doug Mandelaro, a spokesman for the Rochester diocese. The diocese has no investments with Piccoli and has received no complaints about him, Mandelaro said. Court documents, however, show that two clients from Rochester and one from Honeoye Falls sent money to Piccoli. Their names are blacked out in the court filings. Contact: MZEIGLER@DemocratandChronicle.com
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