Investment Adviser Ran $55M Ponzi Scheme: SEC

Law360, New York (April 1, 2009, 12:00 AM EDT) -- A Long Island, N.Y.-based investment adviser is facing both civil and criminal charges after the U.S. Securities and Exchange Commission accused him of running a $55 million Ponzi scheme, and federal prosecutors charged him with wire fraud and said he defrauded a client out of more than $6.5 million.

On Wednesday, the SEC charged Edward T. Stein with securities fraud and froze his assets — including the assets of seven entities he controlled — to halt what the commission alleges was an ongoing Ponzi scheme....
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