Buffalo, NY -- Richard Piccoli pleaded guilty today in U.S. District Court in Buffalo to charges of mail fraud and tax evasion.
The 82-year-old is the architect of a multimillion dollar Ponzi scheme. Approximately 150 of his victims looked on as he entered his plea.
Piccoli could be sentenced to up to 25 years in federal prison. He could also be fined $50 million.
Piccoli admitted that he promised investors guaranteed returns on real estate investments he knew did not exist.
Federal regulators are still calculating how much money Piccoli collected. Authorities originally estimated the sum to be at least $17 million.
He was released until October 21 when he will face sentencing. He did not comment as he left the courthouse.
-Photo Courtesy of The Buffalo news-
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