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NJ Investment Adviser Cops To $13.6M Ponzi Scheme

Law360 (April 26, 2011, 7:18 PM EDT) -- A New Jersey woman pled guilty Tuesday to securities fraud charges alleging she defrauded more than 120 investors in a $13.6 million Ponzi scheme used to finance Las Vegas gambling expenses and trips to Europe and the Caribbean.

Sandra Venetis initiated the scheme by luring clients from her registered financial advisory business, Systematic Financial Associates, into investing in a supposed alternative investment program she ran on the side, prosecutors alleged. She pled guilty before U.S. District Judge Joel A. Pisano to one count of securities fraud...
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