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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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