NJ AG Says Atty Scammed Elderly In $8.5M Ponzi Scheme

Law360, Wilmington (November 7, 2011, 9:25 PM EST) -- The New Jersey attorney general has targeted a Philadelphia lawyer in state court for allegedly running a Ponzi scheme based on phony securities that bilked elderly investors out of $8.5 million, the state announced Monday, the same day it unveiled criminal charges against the attorney for allegedly stealing $1 million from a client.

The civil fraud claims against Michael W. Kwasnik and others came in an amended complaint for a suit originally filed by the New Jersey Bureau of Securities against the Kwasniks’ bankrupt company, Liberty...
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