According to a report on Boston.com Steven and Lori Palladino along with their son Gregory stole in excess of ten million dollars from forty-two victims some of whom are over the age of sixty. The Ponzi scheme, as it is being called, alleges that the Palladinos raised money through investors by promising large returns on the investment. Rather than investing the money however the defendants used the money to fund an extravagant lifestyle. The money was spent on lavish vacations, cars and gambling debts. A criminal usury charge was also filed alleging that Steven Palladino loaned money and charged a forty percent interest rate on the loan. There is also an allegation that Steven Palladino spent some of the money on a girlfriend. The Palladinos owned Viking Financial Group and were its only employees. Among the charges are Larceny Over $250, a felony and Larceny Over $250 with a victim over the age of sixty. If found guilty of the latter indictment the penalty can be enhanced. The younger Palladino was charged only recently in this case.
Lawyers Who Defend Usury Indictments in Massachusetts
A few thoughts come to mind when I read this article all of which are to me somewhat revealing about the district attorney’s case. Number one. Why is this case being prosecuted by the Suffolk County District Attorney’s Office rather than by the feds? The answer probably has something to do with the strength of the government’s case. It is the consensus among Massachusetts Criminal Defense Lawyers that in this district the feds cherry pick their cases. They prosecute only the strongest cases, those they believe they have very little chance of losing. Thus, there may be problems of proof for the district attorney. Number two. Why disclose to the public the facts about Steven Palladino having a girlfriend? I imagine the prosecution wants to create division in the family and possibly get Lori Palladino to agree to cooperate with the prosecution. If that is true, then again I question the strength of the prosecution’s case or its belief that it can prevail on the indictments as charged. Number three. Why indict the Palladino’s twenty-eight year old son? My answer is that in all probability the prosecution wants to squeeze the Palladinos. There is no instinct greater that that of a parent protecting a child. Most parents would die to protect their child. Again however, to me this signifies admitted weaknesses in the case against these defendants.