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Long Island Man Sentenced For Running $19M Ponzi Scheme Long Island Man Sentenced For Running $19M Ponzi Scheme
Long Island Man Sentenced For Running $19M Ponzi Scheme A former Wall Street trader has been sentenced to over five years in prison after admitting to defrauding investors in a $19 million Ponzi scheme. Long Island resident Paul A. Rinfret, 71, of Manhasset, had pleaded guilty to one count of wire fraud and one count of securities fraud last fall. This week, Rinfret was sentenced to 63 months in prison. According to Acting United States Attorney for the Southern District Audrey Strauss, Rinfret alleged that he touted “extremely high returns in his trading,” when in reality he simply stole the investors’ money to fund a lavish lifestyle. I…

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by Joe Lombardi
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Ex-Wall Street Trader From Long Island Admits To Running $19M Ponzi Scheme Ex-Wall Street Trader From Long Island Admits To Running $19M Ponzi Scheme
Ex-Wall Street Trader From Long Island Admits To Running $19M Ponzi Scheme A former Wall Street trader from Long Island admitted to running a years-long near $20 million Ponzi scheme Manhasset resident Paul Rinfret, 70, pleaded guilty to securities fraud and wire fraud charges in Manhattan federal court for the scheme to defraud investors by selling limited partnership interests in an entity through which he purported to trade in futures contracts relating to the S&P 500 utilizing a bespoke algorithm he had developed. According to United States Attorney for the Southern District of New York Geoffrey Berman, Rinfret boasted of “extremely high returns in his tra…

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by Zak Failla
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Trader From Manhasset Who Boasted Of Huge Investment Returns Charged In $20M Ponzi Scheme Trader From Manhasset Who Boasted Of Huge Investment Returns Charged In $20M Ponzi Scheme
Trader From Manhasset Who Boasted Of Huge Investment Returns Charged In $20M Ponzi Scheme A former Wall Street trader from Long Island allegedly ran a years-long Ponzi scheme to the tune of nearly $20 million. Manhasset resident Paul Rinfret, 70, has been charged with securities fraud and wire fraud charges in Manhattan federal court for the alleged scheme to defraud investors by selling limited partnership interests in an entity through which he purported to trade in futures contracts relating to the S&P 500 utilizing a bespoke algorithm he had developed. According to United States Attorney for the Southern District of New York Geoffrey Berman, Rinfret alleged that he toute…

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by Zak Failla