DETROIT – A Michigan man accused of leading a Ponzi scheme has been arrested in New York, but his victim is sharing his story of losing his entire fortune.
John Joseph Bravata, 43, of Brighton, is accused of investing and stealing $50 million in a real estate investment scheme. He was arrested in New York after coming in from Italy, where investigators said he was hiding.
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Dennis Nazelli, of Livonia, said he lost all of his life's savings -- $89,000 -- in Bravata's scheme.
"I just get so mad at him because he affected my life and future, my wife's life and future and he's taken away our whole foundation of living," Nazelli said. "He's basically taken away our dreams, our wishes, our wants because we can't plan anything."
Nazelli, a retired newspaper union pension overseer, he said he knew enough not to get taken advantage of.
"We took a look at it. We liked it. Hey, we even got a couple of checks for $500 each. We thought it was a good deal," he said.
To compensate for the loss, Nazelli said his wife continues to work full time and the couple have a second mortgage on their home.
"He just spit on us by buying the cars and the lifestyle that he wanted for himself and his family by robbing other families," Nazelli said.
According to court documents, Bravata denies the allegations that he was living lavishly on the dime of others.
- Learn how to protect yourself. Check out the CFP Board's Consumer Guide To Financial Self Defense.
