Twenty-two federal charges accuse a Webster Groves lawyer of being part of a $52 million Ponzi scheme.
The fraud and conspiracy charges say lawyer Martin Sigillito and two other men recruited investors to loan money to borrowers in the United Kingdom with promises of short-term high interest rates. But the prosecutors say later investments were used to pay off earlier investors while Sigillito and two other investors took millions of dollars in fees. In Sigillito’s case, the prosecutor says, he got $7.8 million.
