A Buffalo man was arrested in Las Vegas this week on charges he ran an investment scam that caused more than 100 Buffalo-area people to lose a total of $1 million.
Patrick Cole, 62, of Roma Avenue, was charged in a 15-count mail fraud indictment, Assistant U.S. Attorney Gretchen Wylegala said Tuesday.
Authorities said Cole ran a Las Vegas-based investment company called SANSSUECIE Inc., which Wylegala called a "classic Ponzi scheme."
The company persuaded people to invest money and then sent the investors false reports indicating that their money was growing rapidly, which enticed many to invest additional funds, Wylegala said.
The alleged scheme took place from 2001 until May 2004 and was investigated by FBI agents, the prosecutor said. Cole was arrested Monday night in Las Vegas.