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Ponzi schemist behind bars

Tuesday, November 24, 2009 - 5:50pm

LOUISIANA - Louisiana businessman, Matthew Pizzolato, is accused of running a ponzi scheme and was arrested Friday.

Prosecutors say he duped 160 investors out of nearly 20 million dollars.

They claim he used the money to buy cars, cruises and a house.

Pizzolato will be behind bars until his court date next week.