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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.