Syosset Man Pleads Guilty To Running $30M Ponzi Scheme
CENTRAL ISLIP, N.Y. (CBSNewYork/AP) - A New York man prosecutors said ran a $30 million Ponzi scheme has pleaded guilty to securities fraud charges.
Eric Aronson told a federal judge in Central Islip Friday he knew what he was doing was wrong.
Prosecutors alleged the 46-year-old Syosset man promised 200 investors returns as high as 400 percent on their investments in Australian paving stones.
Prosecutors say Aronson lied to investors from across the country between August 2006 and December 2010 when he claimed he had a backlog of clients for the ecologically friendly stones.
They say he spent most of the money on himself, and used it to pay for vacations, watches, cars and jewelry.
According to Newsday, the victims' names weren't released.
He faces up to 12 years in prison.
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