A federal grand jury indicts 26 year old Matthew Pizzolato of Tickfaw for running a Ponzi scheme defrauding elderly investors out of nearly $20 million. The 64 count indictment accuses Pizzolato of mail fraud, wire fraud, money laundering, securities fraud, witness tampering and obstruction of justice.
Pizzolato operated Gulf Region Guaranty Inc and affiliated businesses with offices in Hammond, Covington, Metairie, Baton Rouge and Lake Charles. He used targeted ads to entice retirees to invest in what he promised were "insured", "no risk", "guaranteed" investments promising higher than normal returns. Pizzolato is accused of transferring investor funds from legitimate investments into his personal accounts. He allegedly then used the money to buy expensive cars, build a half million dollar home, even purchasing an $35,000 engagement ring.
Calls to the Office of Financial Institutions or OFI by potential investors raised red flags. OFI then alerted the FBI.
If you are concerned that an investment opportunity seems too good to be true, you can contact OFI at
www.ofi.louisiana.gov or by calling 225-925-4660 to check out an investor or investment opportunity.
