January 9, 2020
Posted January 9, 2020
After being charged with defrauding brokerage customers in May 2018 and pleading guilty in December 2018, a former registered investment advisor, Steven Pagartanis, has been sentenced to over 14 years in prison and ordered to pay $6.5 million for orchestrating the 18-year, $13 million fraud. Pagartanis had targeted elderly women and promised an 8% return on investments. However, he secretly laundered their investments and used the money on personal expenses, causing investors to lose over $9 million in total. USAO EDNY
Tagged in: Criminal Proceedings, Financial and Investment Fraud, Misrepresentations, Ponzi Schemes,