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Paloma Still Free After Defrauding Millions of Dollars

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Months After Guilty Plea to Defrauding over 24,000 Investors of Millions of Dollars, Michael Paloma is Still Out on his \"Own Recognizance.\" In the meantime, Paloma continues to obnoxiously promote his new \"music videos\" on You Tube and advertises future vanity film projects with himself as the \"star\" while playing golf. Paloma pled guilty to numerous, multimillion dollar stock fraud schemes involving members of the Bonanno crime family, with approximately 24,000 victims. On August 20, 2007 Michael Ralph Saquella aka Michael Paloma aka Michael Blake pled guilty to two felony counts for stock fraud and spamming. After being sentenced to 10 years in federal prison on March 14, 2008, mobster and stock fraudster Michael Paloma remains free, released on his own recognizance, without bail or bond. Federal Judge Leonie Brinkema in the U.S. Eastern District of Virginia sentenced him to ten years in federal prison (Case Number 1:07 CR305-001). Paloma was ordered to pay $7.8 million dollars dollars in restitution to as many as 24,000 stock investors, whom Paloma and his criminal associates robbed of up to $50 million dollars. This incredible case sounds more far-fetching than any work of fiction. Paloma is an Elvis impersonator who claimed to be a Samurai competing in Jiu-Jitsu matches, was openly affiliated with the Bonanno crime family, attempted to avoid incarceration by claiming that he was \"seeing dead people,\" and had his attorneys request he be placed into a medical facility. With stolen proceeds from investors, Paloma recorded his own Blues album, bought private planes,expensive cars, real estate, flower shops, restaurants, paid hundreds of thousands for billboards featuring himself in Times Square and on Sunset Blvd in Hollywood. In a shocking twist to an already elaborate plot, even after his guilty plea, conviction and sentencing, Paloma remains free. In spite of the multimillion dollar proceeds of his stock schemes from thousands of innocent victims, the court waived the fines due to the mobsters \"alleged inability to pay,\" charging Paloma a mere $100 dollars in monetary penalties per each felony count. Paloma\'s victims are outraged to discover that over one month after his sentencing, the date for Paloma to start serving his sentence is yet to be set. The court did not restrict his use of the computer or his access to the Internet where he continues to promote himself and where he defrauded investors. To mock and terrorize thousands of his victims, Paloma posted his offensive music videos and advertisements for his upcoming film projects on YouTube. One such video, entitled \"Sugar Daddy,\" contains the following lyrics: \"I may be short,\" I may be bald, I may be fat...I\'m not handsome...they say I\'m funny - ha-ha! Sometimes cute. I GOT LOTS OF MONEY... I got a big house, a lot of nice cars, I eat great food and smoke killer cigars.\" Another video entitled \"Dream Round\" features Paloma playing endless rounds of golf, promoted as his new upcoming feature film, starring himself. The plot is described as Paloma starring as the \"Rocky of Golf,\" for which Paloma\'s company, More Than One Productions, claims to have secured participation of major film stars. Curiously, in his submissions to the court, Paloma claimed he was too sick to travel to his sentencing in Virgina and experienced dizziness, numbness, distorted vision, trouble concentrating and focusing, memory loss and imbalance leading to falls and/or head injuries. Paloma\'s on-screen performance in his current promotional videos do not support any of the health concerns listed in his doctors reports submitted to the court -- with the only exception of apparent obesity. Outraged victims are starting to speak out, disgusted by the fact that Paloma continues to shamelessly flaunt the riches illegally obtained through his stock frauds - even after his conviction and sentencing. Inexplicably, the government did not charge Paloma with tax evasion or RICO violations. Inquiries are pouring in to the Department of Justice, the Securities and Exchange Commission and other participating agencies. Victims of Paloma\'s crimes are urged to sign this petition demanding Paloma\'s immediate incarceration and the removal of his videos from YouTube, especially since they were financed with the proceeds of his stock frauds. The video and computer equipment Paloma used to make these videos should also be seized and sold immediately by the government to pay shareholders restitution.


Shareholders and investors harmed by Michael Paloma\'s illegal schemes.
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