NY Developers Charged With $96M Ponzi Scheme

Law360, New York (August 02, 2013, 2:35 PM ET) -- The U.S. government on Thursday unsealed an indictment accusing investment fund manager Brian Callahan and real estate developer Adam Manson with operating a $96 million Ponzi scheme centered around a Long Island beachfront community.

The indictment, filed under seal on Wednesday, accuses the defendants of raising more than $118 million from 40 investors in four funds managed by Callahan and then using the proceeds to pay previous investors and pay off $45 million in loans on the beachfront residential community in Montauk, N.Y. Callahan, who in...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required