NEW ORLEANS – A 26-year-old Tickfaw man accused of running a Ponzi scheme that took nearly $20 million from 160 investors pled not guilty to 64 counts in court Monday.
A federal grand jury previously indicted Matthew Pizzolato on 64 charges for allegedly running a Ponzi scheme of fraudulent investments from the past several years.
Pizzolato is charged with operating 20 companies and offering customers investments that were described as "guaranteed," with higher than normal profits. But prosecutors charge Pizzolato never made the investments he promised, instead using their money to buy luxury items ranging from a house in Ponchatoula to cruise ship tickets.
"He is charged with having purchased hundreds of thousands of dollars worth of luxury cars, including a BMW 750 LI, a Mercedes Benz S430V," U.S. Attorney Jim Letten said.
But the indictment says most of the victims in the alleged scheme were senior citizens, some investing their life savings.
