06/08/09: Hundreds Fill Buffalo Federal Courthouse for Richard Picolli Ponzi Plea

Original YNN Buffalo Air Date: 06/08/09
Eighty-two year old Richard Picolli swept past cameras and reporter questions this afternoon. In court, Piccoli admitted to charges linked to the scamming of investors out of nearly seven million dollars.
More than 150 investors now victims filled a federal court room to face Picolli. He admitted to defrauding seniors and countless Catholics out of millions with his investment scheme.
“I really didn’t go hog wild! i went in with my eyes open,” said Amherst’s Edward Sedia.
Sedia says he went to Picolli to save money for his family. He still can’t believe he may never see a dime.
“I don’t know if I’ll be around. You know grey haired people may not be around to see any results from this,” said Sedia.
The scene outside Buffalo Federal Court mirrored the Bernie Madoff ponzi case in New York City.
Picolli’s Gen-See Capital Corp lured potential investors from across Western New York and as far as Alaska and Arizona. It promised investors returns of seven and eight percent. Prosecutors say he used new investor money to pay off old clients, many of whom learned of Piccoli through ads in religious media.
Picolli pleaded guilty to mail fraud and tax evasion charges. He faces up to 27 years behind bars. Victims fear they may not be around to get their money back.
“If they give him five or ten years he’s got life, you know he’s 82. Is he going to go to 100, nah!, ”said Franklin, Pennsylvania’s Carl Bell.
“Prison time is in his future. It’s just a question of how much,” said Picolli’s attorney Joel L. Daniels