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WWNO News Reports
Fri April 2, 2010
Tickfaw Man Pleads Guilty in Ponzi Scheme
By Eileen Fleming
New Orleans, La. – U.S. Attorney Jim Letten said the crimes of 26-year-old Matthew Pizzolato are especially heinous because the victims depended on their savings to survive.
Among the victims watching Pizzolato plead guilty to 27 felonies were Daniel and Diane Hof of Madisonville. Diane was clear about how she wants Pizzolato punished.
Letten said that between 2005 and last year, Pizzolato targeted older victims and spent their money buying himself luxuries. Much of the money is gone, but authorities are investigating if any assets can be seized for restitution.
Pizzolato is scheduled to be sentenced in July.