Steven Palladino, accused in Ponzi scheme, posts $250,000 bail
Steven Palladino, a West Roxbury man accused of running a multimillion-dollar Ponzi scheme with his wife, posted $250,000 cash bail on Tuesday, one day after pleading not guilty at his Suffolk Superior Court arraignment to a litany of charges related to the alleged scheme, according to a spokesman for the Suffolk Sheriff’s Department.
Palladino was being held at the Nashua Street Jail, said spokesman Peter Van Delft. The conditions of Palladino’s bail require him to wear a GPS ankle bracelet, surrender his passport, and not travel outside of Massachusetts without the court’s permission.
Palladino and his wife allegedly presented their corporation, Viking Financial Group Inc., as a private lending company that borrowed from investors and, in turn, loaned out that money at a higher rate.
Instead, prosecutors allege that they used the money to pay interest to existing investors and to bankroll vacations, real estate purchases, gambling, and rent for Steven Palladino’s mistress.Evan Allen can be reached at email@example.com.