Richard S. Piccoli had a gift of gab and a message few could refuse. At a time when people watched their retirement funds evaporating by the month, Piccoli's mortgage company guaranteed them 7 to 8 percent interest on their investment.
If the offer sounded too good to be true, Piccoli, who ran Gen-See Capital Corp. in Williamsville, offered Catholic priests as references. He advertised in Catholic newspapers from Buffalo to Anchorage, Alaska, and hit up fellow Knights of Columbus members.
Since January 2007, more than $16 million came through his bank accounts. His clients included 50 priests, churches, religious orders and cemetery associations. |