NY Developers Charged With $96M Ponzi Scheme

Law360, New York (August 2, 2013, 2:35 PM EDT) -- The U.S. government on Thursday unsealed an indictment accusing investment fund manager Brian Callahan and real estate developer Adam Manson with operating a $96 million Ponzi scheme centered around a Long Island beachfront community.

The indictment, filed under seal on Wednesday, accuses the defendants of raising more than $118 million from 40 investors in four funds managed by Callahan and then using the proceeds to pay previous investors and pay off $45 million in loans on the beachfront residential community in Montauk, N.Y. Callahan, who in...
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