NY Jewelry Wholesaler Accused Of $200M Ponzi Scheme
Law360 (July 14, 2020, 9:18 PM EDT) -- New York federal prosecutors on Tuesday charged a Long Island man with running a $200 million Ponzi scheme conducted via bogus wholesale jewelry deals and lies about inflated returns.
Prosecutors say Gregory Altieri, 53, of Melville, New York, the president of LNA Associates, is accused of taking $75 million to $85 million from more than 80 investors from Queens, Staten Island, Long Island and other places, purportedly to buy jewelry at "closeout prices" and resell the merchandise at a steep profit.
According to the government, Altieri promised investors returns in the range of 30% to 70% within months. He initially did...
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