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Wednesday, November 21, 2012

Joseph Greenblatt, Gets Up To 18 Years For $31M Ponzi

New York - A New York City man has been sentenced to prison for stealing more than $31 million through a Ponzi scheme.

Manhattan District Attorney Cyrus R. Vance Jr. announced the sentence of six to 18 years Wednesday for Joseph Greenblatt of Queens.

The Ponzi scheme was run through Maywood Capital, a real estate investment company originally based in Paramus, N.J.

Greenblatt solicited the investments between October 1995 and December 2004. Many of the victims were retirees living in Florida.

He pleaded guilty in September to grand larceny, securities fraud and other crimes.

Greenblatt An Orthodox Jew, whose victims were mostly Jewish, including a Brooklyn synagogue.

Greenblatt also was ordered to pay restitution.

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