Steven Palladino, a West Roxbury man accused of running a multimillion-dollar Ponzi scheme with his wife, posted $250,000 cash bail on Tuesday, one day after pleading not guilty at his Suffolk Superior Court arraignment to a litany of charges related to the alleged scheme, according to a spokesman for the Suffolk Sheriff’s Department.
Palladino was being held at the Nashua Street Jail, said spokesman Peter Van Delft. The conditions of Palladino’s bail require him to wear a GPS ankle bracelet, surrender his passport, and not travel outside of Massachusetts without the court’s permission.
Palladino and his wife allegedly presented their corporation, Viking Financial Group Inc., as a private lending company that borrowed from investors and, in turn, loaned out that money at a higher rate.
Instead, prosecutors allege that they used the money to pay interest to existing investors and to bankroll vacations, real estate purchases, gambling, and rent for Steven Palladino’s mistress.