Hackensack-based day trader pleads guilty to $1.5M fraud scheme
October 4, 2011
Total Loss:
$1.5 Million
A Hackensack-based day trader admitted Monday that he bilked $1.5 million from a Cleveland bank in a student-loan scam and $500,000 from investors in a separate Ponzi scheme, using some of the ill-gotten gains to support a lavish lifestyle.
Victor E. Cilli, 46, pleaded guilty in federal court in Trenton to securities fraud, conspiracy to commit bank fraud and tax evasion for evading more than $158,000 in taxes related to the student loan scheme.
Source:
North Jersey news
Posted in:
New Account Fraud