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Joe Mazella’s money pits

Source: Jesse Ward

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Joe Mazella’s money pits

Staten Islander Joseph Mazella says he can help friends and neighbors make money turning distressed properties into residential oases. But the $14 million he raises from police officers, fireman, and even the deaf community doesn't go into new buildings, it goes into Mazella's pocket. All his investors have to show for it are a collection of dilapidated rat-traps that don't show the first sign of renovation.

Some people will do anything for money. All new episodes of "American Greed" CNBC Wednesdays at 9 p.m. ET.

Source: Jesse Ward