NEWARK, N.J. – Federal prosecutors say a New Jersey investment manager ran a Ponzi scheme to steal $5.3 million from investors from one fund he ran to pay investors in another.
Prosecutors say 57-year-old Vincent Falci, of Middletown, was charged Friday with wire fraud and securities fraud. They say he lost most of the original investors' money in risky ventures like day trading and real estate.
They say he also siphoned $500,000 for himself and family.
Falci was scheduled to appear in court Friday afternoon. His attorney wasn't immediately available to comment.
Prosecutors say he admitted to the New Jersey Bureau of Securities in September 2015 that he misled investors by paying himself and family more than $1 million from 2006 to 2009.