By Eileen Buckley
Buffalo, NY – A judge gave no leniency to an elderly Amherst businessman who bilked clients out of millions of dollars.
Richard Piccoli, 83, was sentenced to 20 years in prison for a Ponzi scheme that netted more than $31 million. Piccoli appeared before U.S. District Judge William Skretny Wednesday morning. The judge told Piccoli he will probably die in jail.
Many of his victims were from the Catholic community, including priests. He advertised in Catholic church bulletins and publications.
About 15 of his former clients appeared in court for the sentencing. One of the victims is 69 year old Lu Tracy of Rochester. She calls Piccoli a corrupt thug and says she has no pity for him.
"There is two things I will never forget in my life,and that's 9-11 and you Richard Piccoli. He's nothing but a common terrorists. that's what he has done, he has terrorized too many individuals," said Tracy.
Piccoli said he really cared about all the investors and wants them to be paid.