Investors in Martin Sigillito’s Ponzi scheme have filed a new federal lawsuit against the former CEO of Enterprise Trust Co., Paul Vogel, and his Argos Partners LLC.
Plaintiffs in the suit say they lost more than $4.8 million between 2008 and 2010 by investing in Sigillito’s scheme, where investments were sought for loans to Distinctive Properties of London. That entity was used in real estate deals that netted a profit of more than 15 percent for investors. But the land was not worth as much as it was sold for, and investors were paid using money from new investors.
The lawsuit accuses Vogel of participating in the Ponzi scheme and referring investors to it in exchange for $150,000 in finders fees.
Vogel denied wrongdoing and said he, too, was cheated by Sigillito. However, the new lawsuit says Vogel actually made a net profit of more than $2 million from the scheme.