Pink Diamond Conman Skips Sentence Hearing
June 30, 25
(IDEX Online) - A Canadian conman who took part in a multi-million dollar diamond and jewelry investment fraud failed to attend sentencing at a federal US court.
Antonio Palazzolo, 67, faced a term of between 108 and 135 months, according to a pre-sentence report - more than his co-conspirators, who received sentences of 37 to 60 months.
He and three other Canadians cold-called potential investors in the US and Canada from Paragon International Wealth Management, Inc. and persuaded them to make small investments in colored (especially pink) diamonds, which, they claimed, would increase in value.
They then urged investors to "upgrade" their diamonds and make them more valuable at fabricated diamond auctions and sent them fraudulent appraisal certificates.
Palazzolo pleaded guilty to one count of wire fraud conspiracy in Ohio in September 2022 but was allowed to remain free in Canada on an unsecured US$20,000 bond. He is now considered a fugitive and a warrant has been issued for his arrest.
The scheme defrauded hundreds of victims of more than $21m overall, of which about $1.5m was directly attributed to Palazzolo.
Prosecutors claimed at a recent court case that Palazzolo persisted with fraudulent activities long after his guilty plea.
Pic shows a ring seized by police from Paragon's office.