Downing Venture Capital Head Cops To $8M Ponzi Scheme

Law360 (September 21, 2020, 6:46 PM EDT) -- The head of purported Boston venture capital firm Downing Partners LLC pled guilty on Monday to securities and wire fraud charges in connection with what prosecutors called a "Ponzi-like" scheme to bilk dozens of Downing employee investors out of millions of dollars.

David Wagner will also pay restitution of $7.85 million to his victims and forfeit assets worth nearly $550,000, according to the plea agreement filed in New York federal court.

Wagner copped to the charges in a telephonic change-of-plea hearing before U.S. District Judge Alvin K. Hellerstein on Monday morning, less than a month before Wagner was set to go...

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