Matthew B. Pizzolato, 26, of Tickfaw, Louisiana, has been charged in a 64-count indictment with securities fraud, mail fraud, wire fraud, money laundering, witness tampering and obstruction of justice in connection with an alleged Ponzi-scheme that defrauded investors out of some $19.5 million. About 160 mostly elderly individual investors were defrauded in the scheme, according to prosecutors. According to the criminal complaint, Pizzaloto operated Gulf Region Guaranty, Inc. and numerous related entities by offering certificates of deposit and treasury bills at rates higher than market value and marketed them as "safe," "guaranteed" or "conservative." Instead of investing the funds as advertised, Pizzolato made high-risk futures investments and other risky ventures as well as spent the money on a lavish personal lifestyle and for his own personal use.
Read the story here, here and here.
Update (4/4/10): Pizzolato pleaded guilty Thursday to 27 charges including mail fraud, wire fraud money laundering, securities fraud, and witness tampering.
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3 comments:
Readers would be shock to know how many other JEHOVAH'S WITNESSES across the United States have been charged over the past 5-7 years with the same/similar crimes as have members of this JW family. The Feds may need to investigate possible RICO violations. Here are summaries of some of such fed court cases:
http://jwemployees.bravehost.com/NewsReports/2015.html
what does his religion have to do with him commiting these crimes....it always has to go back to the person being a JW....his religion didnt make him a bad person thats just crazy how some people think...hes just heartless and and there are other religions that have people who commited crimes but its not the churches fault please be alil more smarter than that.....
Jehovah's Witnesses have a moral standard that's higher than any one I've ever seen. This stuff is not overlooked in that religion. ANYONE who is baptised as one of Jehovah's Witnesses and does what Matthew Pizzolato did is disfellowshipped - meaning they are no longer recognized as being a member of that religion. If, somewhere down the line, he decides that he wants to become one of Jehovah's Witnesses again, and he has straightened out his life after paying his debt to society he can try to meet the qualifications for reinstatement. Why should we have a problem with that? You can show me a list of crimes committed by people who were JW's at the time, but it doesn't mean that the religion itself is to blame. These people aren't getting away with anything at their church. They are disciplined for it. If they're accepted back, so what? Isn't forgiveness what Jesus taught? Make up your mind anyway, you'd probably get mad when they DO kick somebody out. Are you this angry about criminals who identify themselves with any other religion (Bernie Madoff is Jewish and Hitler was Catholic,BTW), or are you just biased against this one?
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