WexTrust CEO Pleads Guilty In $255M Ponzi Scheme

Law360, New York (April 13, 2010, 3:21 PM EDT) -- WexTrust Capital LLC co-founder Steven Byers pled guilty Tuesday to charges he was involved in a Ponzi scheme that bilked more than 1,000 investors, most of them Orthodox Jews, of $255 million.

At a hearing before Judge Denny Chin of the U.S. District Court for the Southern District of New York, Byers agreed to forfeit $9.2 million in ill-gotten gains acquired through the scheme, according to the U.S. attorney's office for the Southern District of New York.

The former executive from Oak Brook, Ill., pled guilty...
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