Long Island Adviser Gets 9 Years For Ponzi Scheme

Law360 (February 9, 2010, 7:22 PM EST) -- A federal judge reportedly has sentenced former Long Island, N.Y.-based investment adviser Edward T. Stein to nine years in prison for a Ponzi scheme that prosecutors said bilked investors of millions of dollars.

Judge Jack B. Weinstein sentenced Stein on Tuesday in the U.S. District Court for the Eastern District of New York, according to Dow Jones.

Stein was charged in March 2009 with running the scheme, which ranged in size from $30 million to $55 million, according to various reports.

Prosecutors said Stein got one of his clients to wire $3 million to accounts Stein controlled by promising to invest...

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