Joseph Shereshevsky, 51, of Norfolk, Virginia, who has been detained in a Brooklyn, New York jail since August for his part in an alleged $100 million investment fraud, has asked the court that his $10 million bail be lowered. Shereshevsky, the former chief operating officer of WexTrust Capital, an investment company, along with an alleged co-conspirator, Steven Byers, chairman of WexTrust, have yet to be indicted. However, the Justice Department and the SEC filed civil actions alleging that Shereshevsky, Byers and others defrauded almost 1,200 investors in a Ponzi scheme and diverting $100 million for their own benefit. The US District Court for the Southern District of New York has frozen Shereshevsky's and Byers accounts. According to the court documents, Shereshevsky used several aliases, including Joseph Heller, Josie and Yossi.Read the SEC announcement here.
Read the DOJ announcement here.
You can bet that indictments will soon be forthcoming.
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