NYC Investment Pro Gets At Least 3 Years For Bilking Clients

Law360 (October 16, 2020, 5:18 PM EDT) -- A Queens investment adviser was sentenced to at least three years in prison Friday after pleading guilty in a fraud scheme that state prosecutors said took in $11 million from more than 50 people, many of whom are elderly.

New York State Attorney General Letitia James announced the sentencing of Dean S. Mustaphalli, the owner of the now-defunct Mustaphalli Capital Partners Fund LP, to a period of between three and nine years of incarceration by Queens County Supreme Court Judge Gene Lopez.

Mustaphalli also agreed to make $260,000 of restitution, forfeited $50,000 left in a corporate account and admitted that he...

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