Orthodox Ponzi Schemer Pleads Guilty
Shmarya Rosenberg • FailedMessiah.com
A Woodmere, New York Ponzi schemer has pleaded guilty to wire fraud.
29-year-old Gershon Barkany admitted that he stole more than $60 million from investors by promising to invest their money in "risk free" real estate. Barkany promised the investors that if the properties were not flipped, their money would be refunded, News 12 reported.
But in reality, many of the real estate deals were never made, and Barkany pocketed the investors’ money.
He could be sentenced to as much as 20 years in prison.
Related Post: Gershon Barkany Arrested.
[Hat Tip: APC.]