NY Jewelry Wholesaler Pleads Guilty in $200M Ponzi Scheme Targeting Police, Firefighters
“A suburban New York jewelry wholesaler pleaded guilty on Wednesday to fraud for running a $200 million Ponzi scheme targeting current and retired police officers and firefighters who were promised big profits from the resale of jewelry,” reports Jonathan Stempel in Reuters U.S. Legal News.
“Federal prosecutors said Gregory Altieri, 53, of Melville, New York, pleaded guilty to wire fraud and admitted to securities fraud at a hearing before U.S. District Judge Brian Cogan in Brooklyn.”
“The defendant faces up to 20 years in prison at his scheduled March 31, 2021, sentencing.”