CENTRAL ISLIP, N.Y. (CBSNewYork/AP) — Two men have been freed on bond after being charged in an alleged $96 million Ponzi scheme, authorities announced Thursday.
Brian Callahan was arrested at a relative’s home in Old Westbury on Long Island. He’s the target of an ongoing Securities and Exchange Commission investigation.
Adam J. Manson, who is Callahan’s brother-in-law, was arrested at his home in Manhattan.
EXTRA: Read The Full Indictment
In the indictment, prosecutors said Callahan raised more than $118 million from at least 40 investors in connection with four different investment funds that he managed between December 2006 and February 2012.