Fund manager said to have conned $17m in Ponzi scheme

Money On Hook

A 62-year-old Hummer-driving Long Island fund manager was charged Monday with running a Ponzi scheme for nine years — siphoning $17m from his clients.

The New York Post reports that James M. Peister ripped off at least 74 investors and used the purloined purse to buy a fancy estate in the tony hamlet of St. James and the gas-guzzling SUV, federal prosecutors said.

Peister — charged with mail, wire and securities fraud — pleaded not guilty Monday at his arraignment in a Suffolk County federal court.

Peister’s Globex fund promised to invest in a mix of securities but instead used the cash to pay off earlier investors and to fund a lavish lifestyles, it is charged.

To access the complete New York Post article hit the link below

Long Island fund manager 'fleeced' clients out of $17m: feds

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