Exec pleads guilty in Ponzi scheme targeting Jews (Reuters)
This is a discussion on Exec pleads guilty in Ponzi scheme targeting Jews (Reuters) within the Money Frauds and Scams forum, part of the OTHER TOPICS OF INTEREST category; Reuters - The founder and chairman of private equity firm WexTrust Capital LLC has pleaded guilty to fraud in connection ...
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Apr 13th, 2010, 02:20 PM
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Exec pleads guilty in Ponzi scheme targeting Jews (Reuters)
Reuters - The founder and chairman of private equity firm WexTrust Capital LLC has pleaded guilty to fraud in connection with what federal investigators called a $255 million Ponzi scheme that targeted Orthodox Jews.
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Apr 13th, 2010, 03:29 PM
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Re: Exec pleads guilty in Ponzi scheme targeting Jews (Reuters)
Investigators accused Byers and former WexTrust Chief Operating Officer Joseph Shereshevsky of conducting at least 60 private placements and creating 150 entities purportedly to fund commercial real estate ventures, when in fact they were diverting money to themselves or to pay off prior investors. In a 2008 civil complaint, the U.S. Securities and Exchange Commission said Chicago-based WexTrust raised the $255 million from at least 1,196 investors, mainly between 2005 and 2008. The SEC said Byers was involved with real estate investments, while Shereshevsky's role was to oversee real estate and diamond mining assets and use his "wide contacts" in the Orthodox Jewish community to solicit investors.
Source: Exec pleads guilty in Ponzi scheme targeting Jews - Yahoo! News
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