Father, Son Cop To $880M Ponzi Scheme

Law360, New York (April 4, 2011, 6:09 PM EDT) -- A father and son pled guilty in New Jersey federal court Monday to using a fake grocery wholesale business to bilk investors of $880 million — money they used to conceal their scheme and prop up their boss’ lavish lifestyle.

Robert Torres, 76, and his son Alejandro, 39, each copped to one count of securities fraud during a hearing in the U.S. District Court for the District of New Jersey. They face a maximum penalty of 20 years in prison and a $5 million fine....
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