A team of con men posing as senior VPs of a phony international Wall Street investment firm cheated about 230 people nationwide out of more than $6.5 million, according to authorities. Seven suspects, most of Russian descent, were arrested last week and were awaiting federal arraignment in Manhattan on fraud charges for allegedly running a "boiler room" scam. Andrew Arena, head of the FBI's New York criminal division, said many victims were elderly and some lost their life savings.
October 02, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A team of con men posing as senior vice presidents of an international Wall Street investment firm cheated about 230 people nationwide out of more than $6.5 million, authorities said Friday.
Seven suspects were awaiting arraignment in federal court in Manhattan on mail and wire fraud charges after being arrested at their homes early Friday by the FBI. Another suspect was in custody in Croatia; three were at large.
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