Ex-NewPoint President Pleads Guilty In $20M Ponzi Case

Law360, New York (June 8, 2012, 4:08 PM EDT) -- The former head of investment fund NewPoint Financial Services Inc. has pled guilty to mail fraud, loan fraud, selling unregistered securities and conspiracy to obstruct justice for his role in a Ponzi scheme that bilked investors out of $20 million.

NewPoint president and Iranian-American radio talk show host John Farahi had been charged with fraudulently misleading investors by telling them their money would be used to purchase corporate bonds backed by the federal government's Troubled Asset Relief Program. He entered a guilty plea June 4....
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