Even after he was indicted last year for running a Ponzi scheme that bilked dozens of people out of more than $10 million, a West Roxbury man flouted an asset freeze and other court orders by taking cash advances on new credit cards and spending money on lavish meals, rare coins and shopping excursions to Bloomingdale's and Barney's, federal prosecutors said yesterday.
Steven Palladino, who was sentenced in January to 10 to 12 years in state prison, now faces 25 counts of criminal contempt, according to the U.S. Attorney's Office, with a maximum penalty of life in prison if convicted.
"He's been thumbing his nose at the system for years," said Dr. Ronald Nasif, 62, of Roslindale, who lost his life savings — close to $2 million — to Palladino's scheme. "This is too little too late."
From May to November 2013, Palladino violated court orders in the civil case brought by the Securities and Exchange Commission by incurring thousands of dollars in credit card charges for collectible coins and meals at Strega, Tartufo, and Smith & Wollensky, prosecutors said. He failed to deposit thousands more in cash advances, as well as $9,500 from the sale of his 2004 Ford truck, into a court-established escrow account, prosecutors said.
Palladino, 57, also violated a court order to undo his transfers of a 2012 Mercedes, a 2012 Range Rover and a 2013 Audi to his wife, Lori, and about $137,000 in new loans on those vehicles by last November, prosecutors said.
In January, Lori Palladino was sentenced to two years, suspended for five years, and their son, Gregory Palladino, was sentenced to two years, with five years probation. All three were ordered to pay restitution for convincing dozens of people to loan Viking Financial Group more than $10 million, promising high returns, and then transferring the money into their personal accounts.
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