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Flemington Man Pleads Guilty in Multi-Million Dollar Ponzi Scheme
Christopher Anderson, 47, of Flemington, NJ, and Pennsylvania native Richard Curry admit to defrauding investors of over $35 million through false promises and hidden identities.
Two individuals, including one from Flemington, New Jersey, pleaded guilty to conspiracy charges involving a Ponzi scheme that defrauded investors out of more than $35 million, according to U.S. Attorney Philip R. Sellinger.
In an announcement that hits close to home, Christopher Anderson, 47, of Flemington, New Jersey, and Richard Curry, 36, of Northumberland, Pennsylvania, admitted guilt before U.S. District Judge Michael A. Shipp in Trenton federal court. Both men were charged with one count of conspiracy to commit securities fraud.
Who, What, When, Where, Why, and How:
Who: The guilty pleas come as part of an ongoing investigation involving several others, including Eliyahu “Eli” Weinstein, a twice-convicted fraudster whose 24-year federal prison sentence was commuted last year.
What: Anderson and Curry confessed to conspiring with Weinstein and others to defraud investors through false representations and concealed identities. The fraudulent scheme falsely promised lucrative investments in medical supplies, baby formula, and first-aid kits purportedly for wartime Ukraine.
When: Sentencing for Anderson is scheduled for January 16, 2024, and for Curry, January 18, 2024.
Where: The court proceedings took place at the federal court in Trenton, New Jersey.
Why: The individuals aimed to fraudulently secure tens of millions of dollars from investors through misleading statements and concealment of key details.
How: The scheme involved materially false and misleading statements to investors, including the active concealment of Weinstein's identity and history of fraud.
"These two defendants admitted scheming with Eli Weinstein and others to rip off investors to the tune of millions of dollars," stated U.S. Attorney Philip R. Sellinger. FBI – Newark Special Agent in Charge James E. Dennehy added that scams like these "impact people's lives in a very real way."
Ongoing Investigation and Charges:
Weinstein, along with Aryeh “Ari” Bromberg, Joel Wittels, Shlomo Erez, and Alaa Hattab, had been previously charged with conspiracy to commit wire fraud and conspiracy to obstruct justice arising from the same scheme. Those charges remain pending.
Conspiracy to commit securities fraud carries a maximum penalty of 20 years in prison and a $5 million fine.
U.S. Attorney Sellinger credited special agents of the FBI, led by Special Agent in Charge Dennehy, and expressed appreciation for the Securities and Exchange Commission, under the direction of Antonia Apps, for their roles in the investigation.
The charges and allegations against Weinstein, Bromberg, Wittels, Erez, and Hattab are merely accusations, and they are presumed innocent unless and until proven guilty.
