12 years for $96m Ponzi schemer

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Instead of putting investors’ money in a mix of mutual funds and hedge funds, the duo paid partial redemptions to previous owners and funneled it into Panoramic View, a 117-unit Montauk resort.

The New York Post reports that Brian Callahan is going to miss his ocean views.

The Long Island Ponzi schemer — who used millions in pilfered funds to buy a beachfront resort in Montauk — will be spending his next 12 years in the clink, the Justice Department said Friday.

“For years, Brian Callahan peddled lies to unsuspecting investors, causing some to lose their life savings, and to delay their retirements,” Acting US Attorney Bridget Rohde said in a statement.

Callahan, 48, ran the $96 million Ponzi scheme with his brother-in-law Adam Manson for six years until they were slapped with civil charges in 2012. Criminal charges followed a year later, and the pair pleaded guilty to securities and wire fraud in 2014.

Instead of putting investors’ money in a mix of mutual funds and hedge funds, the duo paid partial redemptions to previous owners and funneled it into Panoramic View, a 117-unit Montauk resort.

Hit the link below to access the complete New York Post article:

LI Ponzi schemer who bought Hamptons resort gets 12 years

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