Brooklyn Fund Manger Convicted In $40M Ponzi Scheme

Law360, New York (November 17, 2010, 6:59 PM EST) -- A federal jury convicted New York money manager Philip Barry on Wednesday of operating a Ponzi scheme that cost investors some $40 million.

A jury in the U.S. District Court for the Eastern District of New York found Barry, who ran the firm Leverage Option Management Co., guilty of 33 counts of mail fraud and one count of securities fraud, according to Loretta E. Lynch, U.S. Attorney for the Eastern District of New York.

Barry faces up to 20 years imprisonment for securities fraud and 20...
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