Support the news

Boston Couple Charged With Managing Ponzi Scheme

This article is more than 7 years old.

A Boston couple has been charged in connection with what prosecutors are calling a multimillion-dollar Ponzi scheme in which they used investors' money to fund a lavish lifestyle.

Steven Palladino pleaded not guilty Monday to multiple counts, including larceny and loan sharking. A judge set bail at $250,000 and ordered that Palladino wear a GPS monitor, surrender his passport, and not travel outside Massachusetts without court permission.

Palladino and his wife, Lori, were indicted last week. She is scheduled to be arraigned next month.

Prosecutors say the Palladinos were the owners of Viking Financial Group Inc. Prosecutors allege Viking borrowed money from investors, who were told the funds would be used to provide loans at a higher interest rate.

A message left Monday for Steven Palladino wasn't returned.

This article was originally published on March 18, 2013.

This program aired on March 18, 2013. The audio for this program is not available.

Support the news