Another Ponzi Schemer Pleads Guilty to $30 Million Fraud, Is Sorry

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Photo: iStockphoto

Edward Stein, a Long Island–based financial adviser, pleaded guilty to running a $30 million Ponzi scheme in court today in Brooklyn. We aren't sure whether we'd actually heard about his arrest, which happened in April, but either way, the narrative is depressingly familiar:

Victim: “My husband and I are in our mid-seventies. We have faithfully saved for 50 years and he has trashed 50 years of our hard work and squandered our future. This is a tremendous betrayal."

Ponzi Schemer:"I used very poor judgment and I know what I did was wrong."

At this point it really feels like all grandmas' savings are in jeopardy. No one cash their $25 birthday checks this year, okay?

Fund Manager Stein Pleads Guilty to $30 Million Fraud [Bloomberg]