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$4.3B Now Recovered For Madoff Ponzi Scheme Victims, DOJ Says $4.3B Now Recovered For Madoff Ponzi Scheme Victims, DOJ Says
$4.3B Now Recovered For Madoff Ponzi Scheme Victims, DOJ Says More than $4.3 billion has now been recovered for victims of Bernie Madoff’s massive and infamous Ponzi scheme, the Justice Department announced, as part of a decade-long effort that has compensated over 40,000 people worldwide for nearly 94 percent of their losses. The DOJ says  its 10th and final distribution from the Madoff Victim Fund (MVF), provided more than $131 million to over 23,000 victims. The latest distribution marks the culmination of a decade-long effort to recover and return forfeited funds tied to Madoff's fraudulent investment empire. Most victims, primarily small inv…

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by Joe Lombardi
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$1B Scheme: Pair Of CEOs, Including Manhasset Man, Defrauded 10K Investors, Jury Finds $1B Scheme: Pair Of CEOs, Including Manhasset Man, Defrauded 10K Investors, Jury Finds
$1B Scheme: Pair Of CEOs, Including Manhasset Man, Defrauded 10K Investors, Jury Finds A New York resident was one of two CEOs convicted in federal court of a $1 billion fraud scheme involving thousands of investors. Long Island resident David Gentile, age 57, of Manhasset, and Jeffry Schneider, age 55, of Austin, Texas, were found guilty in federal court on all counts of an indictment charging them with conspiracy to commit securities fraud, conspiracy to commit wire fraud, and securities fraud. Gentile, the owner and CEO of GPB Capital Holdings, was also convicted on two counts of wire fraud. The verdict came after an eight-week trial. When sentenced on Thursd…

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by Joe Lombardi
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Stock Swindler: Barred Long Island Broker Sentenced For Scheme Stock Swindler: Barred Long Island Broker Sentenced For Scheme
Stock Swindler: Barred Long Island Broker Sentenced For Scheme An investment broker who admitted to using his client’s money on luxury cars, plane tickets, and more has received his prison sentence. Peter Quartararo of Glen Cove was sentenced to two-and-a-half to seven-and-a-half years in prison on Friday, June 14, the Nassau County District Attorney announced. Quartararo, who is 57, was a stockbroker who had previously been barred from operating as such in 2013 by the Financial Industry Regulatory Authority (FINRA). Original Report - Half-Million Dollar Scheme: Long Island Broker Admits Swindling Clients Despite that, starting in July 2018,…

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by Sophie Grieser