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WexTrust Exec Cops To $255M Ponzi Scheme

Law360 (February 4, 2011, 1:05 PM EST) -- Former WexTrust Capital LLC executive Joseph Shereshevsky has pled guilty to participating in a Ponzi scheme that bilked more than 1,000 investors out of $255 million.

At a hearing Thursday before Judge Denny Chin of the U.S. District Court for the Southern District of New York, Shereshevsky copped to felony counts of conspiracy, securities fraud and mail fraud, according to the U.S. Attorney's Office for the Southern District of New York.

“Today, Joseph Shereshevsky accepted responsibility for cheating hundreds of victims out of millions of dollars...
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