Grand Jury Brings New Charges in Alleged Ponzi Scheme

BOSTON, March 28, 2013—The Suffolk County Grand Jury has brought new charges against a West Roxbury man, his wife, and the corporation of which they and their eldest son are the sole employees, District Attorney Daniel F. Conley announced today.

The grand jury on March 21 returned indictments charging STEVEN PALLADINO (D.O.B. 9/11/57), LORI PALLADINO (D.O.B. 2/17/61), and VIKING FINANCIAL GROUP with one count of larceny over $250 for allegedly taking money from additional, previously-uncharged victims and one count of uttering for allegedly forging an investor’s name on a check that allowed them to move victims’ money into a personal bank account.

The indictments also charge both Steven and Lori Palladino with two counts of tampering with evidence for allegedly doing away with a computer in their Centre Street offices and for allegedly removing a device storing video images from their home surveillance system.

The larceny and uttering charges reflect evidence developed in the ongoing investigation by Boston Police detectives and Suffolk fraud prosecutors. The evidence tampering charges reflect the findings of multiple search warrants executed after extensive interviews with individuals who had invested their money with the Palladinos.

Steven Palladino was arraigned March 18 on 11 indictments related to the Ponzi scheme he allegedly ran with his wife. She is scheduled to be arraigned April 3, as is Viking Financial Group as a corporate entity.

–30– 

All defendants are presumed innocent until and unless proven guilty beyond a reasonable doubt.