West Roxbury Ponzi schemers sentenced after pleading guilty


FOX UNDERCOVER (MyFoxBoston.com) -- Three members of a West Roxbury family pleaded guilty in Suffolk Superior Court Tuesday to a long list of charges including larceny.

Prosecutors say Steven Palladino, his wife Lori, and son Greg stole at least $10 million from around three dozen victims.

Judge Janet Sanders sentenced Steven to 10-12 years in prison.

Greg received two years in the Suffolk County House of Correction.

Lori got a suspended two year sentence and was able to walk out of court a free woman.

Victims thought they were investing in the Palladinos' company, Viking Financial Group, which supposedly provided high interest loans for those who could not obtain traditional financing.

But there were actually very few loans.

Instead the Palladinos lived large off the money, spending it on everything from luxury cars to lavish vacations.

Steven Palladino tried unsuccessfully to delay going to prison for a couple of days, saying he had to help his wife care for an elderly aunt who recently moved in with them.

But after the judge realized that aunt is the same woman who Palladino was already convicted of stealing hundreds of thousands of dollars from, she decided Palladino was going to prison immediately.

A hearing is scheduled for March to work out a plan for paying restitution to the victims, however it's unclear if those victims will ever recover all their losses.

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