A Connecticut investment adviser was charged with operating a Ponzi scheme that may have cost investors hundreds of thousands of dollars. Gregory Viola, 59, was arrested on August 11 and charged in a criminal complaint with mail fraud. Each count of mail fraud is punishable by a maximum of twenty years in federal prison, along with criminal monetary penalties.
As early as 2007, Viola operated an investment business that promised investors fixed rates of returns. According to the criminal complaint filed, several investors were provided with fictitious account statements showing purported performance, with at least one investor receiving an account statement from online brokerage E*Trade that was later revealed to not exist. Instead, Viola is alleged to have used new investor funds to pay returns to existing investors.
Any individuals who have information on the crime or believe themselves to be a victim are urged to contact FBI Special Agent Wendy Bowersox at(203) 777-6311. Viola is currently free on $100,000 bail.