New York - Woodmere Man Pleads Guilty To $62M Ponzi Scheme
New York - 29 year-old Gershon Barkany pleaded guilty as part of a plea deal in federal court on Wednesday to bilking real-estate investors out of $62M in an elaborate ponzi scheme between 2009 and 2013.
NEWSDAY (http://bit.ly/16Cn8qm) reports that, in announcing the plea arrangement, which still carries a possible prison term of up to 20 years, U.S. Attorney Loretta E. Lynch said Barkany has also agreed to repay money still owed to his victims.
The feds charged that Barkany’s scheme consisted of taking money from investors while promising “risk free” purchases of commercial properties in New York and New Jersey.
Bruce Barket, Barkany’s attorney said Barkany has already repaid some $25M since 2010 when he first came forward.
More of today's headlines“New Jersey - Federal regulators are accusing former New Jersey Governor Jon Corzine of failing to properly manage MF Global, which misused customer funds before its 2011...” New Jersey - Regulators File Civil Charges Against Ex-N.J. Gov. Corzine “Brooklyn, NY - The New York State Attorney General's office has file suit in Kings County Supreme Court against Brooklyn resident Rabbi Yaakov Weingarten, his wife...” New York - AG Files Law Suit Against Brooklyn Rabbi In Alleged Multi-Million Charity Scheme