$250,000 Bail Posted by West Roxbury Man Accused of Ponzi Scheme
Steven Palladino posted bail today, according to the Suffolk County Sheriff's Department.
The West Roxbury man accused of a multi-million dollar Ponzi scheme posted $250,000 bail today, according to a Suffolk County Sheriff's Department spokesperson.
Palladino was required to wear a GPS bracelet if he made bail, surrender his passport, and not travel outside of Massachusetts without the court permission.
Steven Palladino, 55, and, and his wife, Lori Palladino, 52, allegedly used investors' funds to pay for "their own lavish lifestyle," according to a press release from Suffolk County District Attorney Dan Conley and Boston Police Commissioner Edward Davis.
Lori Palladino is scheduled to be arraigned on April 4.
According to prosecutors, the Palladinos operated a Ponzi scheme through their company, Viking Financial Group, Inc., which Lori Palladino and the couple’s 28-year-old son, Gregory, incorporated in 2007. Gregory was arrested on a warrant for operating a motor vehicle with a suspended license after pulling up to the family's Lyall Street home on March 13, but has not been arrested or charged in the alleged Ponzi scheme. The three family members are the company’s sole employees. Viking Financial is based in West Roxbury above iScream Works, which the Palladinos also own. iScream Works has not been involved in the charges.