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LNA Associates

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NY Man Admits To Running $200M Ponzi Scheme In Region NY Man Admits To Running $200M Ponzi Scheme In Region
NY Man Admits To Running $200M Ponzi Scheme In Region A 53-year-old man has admitted to running a $200 million Ponzi scheme in New York based on false statements to investors about inflated returns for nonexistent wholesale jewelry deals, federal authorities announced on Wednesday, Dec. 30. Long Island resident Gregory Altieri, 53, pleaded guilty to wire fraud for running the scheme.  As part of the plea, Altieri, of Melville in Suffolk County, also admitted to committing securities fraud in connection with the scheme.  When sentenced, Altieri faces up to 20 years in prison.  “With today’s guilty plea, Altieri is hel…

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by Joe Lombardi
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Metro Area Jewelry Wholesaler Indicted For $200 Million Ponzi Scheme Metro Area Jewelry Wholesaler Indicted For $200 Million Ponzi Scheme
Metro Area Jewelry Wholesaler Indicted For $200 Million Ponzi Scheme A jewelry wholesaler from Long Island is facing charges for allegedly operating a $200 million Ponzi Scheme in New York. Long Island resident Gregory Altieri, of Melville in Suffolk County, the president of LNA Associates, was indicted for allegedly operating a two-year $200 million scheme based on nonexistent wholesale jewelry deals and false promises of inflated returns, federal officials said. It is alleged that beginning in August 2017, Altieri solicited between $75 million to $85 million from more than 80 investors in Queens, Staten Island, Long Island, and elsewhere, to allegedly purc…

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by Zak Failla