New Jersey broker’s Ponzi scheme defrauded elderly clients
July 24, 2013 by Harry Lew
A New Jersey broker has been sentenced to a 15-year prison sentence for scamming elderly clients out of their savings and using the money to pay for his mortgage, house repairs and European vacations. According to authorities, the advisor persuaded his clients to invest in a health-care investment program, which was to make investments in nursing homes and continuing care retirement facilities. The advisor promised clients a safe tax-free investment with semi-annual interest payments of 7.5 percent to 9 percent.
Originally Posted at LifeHealthPro on July 19, 2013 by Harry Lew.
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