NEW YORK (CBSNewYork) — A Naval Academy graduate ripped off his friends and former classmates by running a $1.2 million Ponzi scheme, prosecutors alleged Tuesday.
Bryan Caisse was indicted on 10 counts of grand larceny and one count of first-degree scheme to defraud, WCBS 880’s Irene Cornell reported. According to prosecutors, Caisse promised to invest the money he collected in an Upper West Side-based hedge fund company he was starting but then used the cash for his own living expenses, including rental payments, car services, personal debts, cash withdrawals and dining, prosecutors said.READ MORE: Storm Watch: Officials Hoping To Avoid Repeat Of Ida With Preparations For Nor'easter
Prosecutor Sean Pippen told the court Caisse fled the country with a one-way ticket to Colombia to avoid prosecution and that now he is trying to raise bail from the same people who were his victims. He was arrested in Bogota on Saturday.
Pippen even dropped the name Bernie Madoff, the notorious Ponzi schemer, in describing the scam.