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U.S. SEC Shuts Down $11 Million Ponzi Scheme

Reuters – Regulators have charged a New York fund manager who was running an $11-million Ponzi scheme, federal court filings showed.

The U.S. Securities and Exchange Commission charged Jason Konior with defrauding investors by promising to match their investments in his fund many times over. In reality, he used $2 million of the money he collected to pay his own expenses and to cover redemption requests from previous investors, according to the SEC’s complaint, dated Thursday [May 24].

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