Michael Riolo

Michael Riolo's House

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Michael Riolo's House (Birds Eye)
Michael Riolo was charged by federal prosecutors May 21, 2009 in what they say was a $44 million Ponzi scheme over nine years.

Michael Riolo, 37, was charged with five counts of mail fraud stemming from his companies Sterling Wentworth Currency Group and LaSalle International Clearing Corp.

According to prosecutors, Riolo told investors that they would earn money through the companies' trading of foreign currency. They said investors' money was instead used to pay off other investors and for Riolo's personal benefit.

Riolo paid out nearly $30 million to investors as "profit" on their investments, prosecutors said.
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