LI man pleads guilty to Ponzi scheme - FOX 10 News | myfoxphoenix.com

LI man pleads guilty to Ponzi scheme

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WOODMERE, N.Y. (AP) - A Long Island man has pleaded guilty to operating a Ponzi scheme that duped real estate investors of $62 million.

Gershon Barkany on Wednesday also agreed to repay investors.

The 29-year-old Barkany faces up to 20 years in prison for wire fraud.

According to Newsday,  Barkany's attorney says his client has repaid more than $25 million since 2010 when he met with investors to confess he had "misappropriated" funds. The attorney said not all of the 29-year-old's investments were illegal.

Prosecutors say the scheme ran from 2009 to March 2013.

Barkany allegedly duped the investors by claiming he would invest the money "risk-free" in properties in New York City and Atlantic City and then sell them at a profit.

 

Information from: Newsday, http://www.newsday.com

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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