St. Louis-Area Lawyer Convicted in Ponzi Scheme
ST. LOUIS (AP) - Federal jurors have found a St. Louis-area lawyer and religious leader guilty of bilking investors out of more than $50 million in a real estate scheme.
Friday's fraud and conspiracy convictions against Martin Sigillito capped a four-week trial.
Prosecutors alleged Sigillito was the "life source" behind the largest Ponzi scheme the eastern district of Missouri has seen. They described the American Anglican bishop and Clayton lawyer as a "wolf in sheep's clothing."
The St. Louis Post-Dispatch (http://bit.ly/HRLwGi ) reported that people were told they would make rich returns through land investments in England. But prosecutors said the money never made it overseas.
A Leawood, Kan., partner and another from the United Kingdom testified against Sigillito as part of their plea deals in the case.
Sigillito's attorney said his client always acted in good faith.