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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