Investors Win $3M FINRA Fine From Alleged Ponzi Schemer

Law360, New York (August 8, 2013, 5:03 PM EDT) -- A New York tax preparer indicted for allegedly operating a $35 million Ponzi scheme on Wednesday was ordered to pay a group of investors $2.8 million in an arbitration proceeding with the Financial Industry Regulatory Authority.

Robert Henry Van Zandt must pay $1.9 million in punitive damages, about $900,000 in compensatory damages and $25,000 in costs to a group of 10 investors, according to the ruling by public arbitrator Harold Webb. Van Zandt was indicted in May 2012 by a Bronx County grand jury and hit...
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