Man Charged in Ponzi Scheme Held Without Bail

A businessman from Louisiana who is charged with defrauding several investors for a total of roughly twenty million dollars in a Ponzi scheme is being detained in federal custody. A spokesperson for the defense attorney, Jim Letten, said that twenty-six-year-old Matthew Pizzolato made his final appearance in court on Monday. He did not enter a plea. He has been placed in custody until his arraignment next Monday.

Pizzolato was arrested after a grand jury indicted him on charges including securities fraud, money laundering, and obstruction of justice. Prosecutors say he defrauded as many as 160 investors.

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