New York man pleads guilty to $200M Ponzi scheme defrauding first responders – By Stephanie Pagones (FOX Business) / Dec 31 2020
Jeweler allegedly bilked at least 80 investors in a multi-million-dollar scheme
A Long Island jewelry wholesaler has pleaded guilty to wire and security fraud charges in connection to a $200 million Ponzi scheme that defrauded at least 80 investors, including police officers and firefighters, according to the Department of Justice.
Gregory Altieri faces up to 20 years behind bars for running a Ponzi scheme from 2017 to early 2020, according to federal law enforcement officials. In addition, the Securities and Exchange Commission has sued the 53-year-old for at least three SEC violations, court papers revealed
The U.S. Attorney’s Office in the Eastern District of New York said Altieri’s scheme began in August 2017, when he solicited between $75 million to $85 million in investments for his entity, LNA Associates, from more than “80 investors located in Queens, Staten Island, Long Island and elsewhere,” according to a press release from the office.
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