Edward T. Stein, 59, of Manhattan, New York, was sentenced to 9 years in prison this week for securities fraud and wire fraud in connection with the defrauding of as much as $45 million from at least 100 investors over a period of more than 10 years. Stein was the head of Roslyn, New York-based Edward T. Stein Associates Ltd. He pleaded guilty last June, admitting that between 1998 and 2009, he fraudulently solicited investors to purchase interests in several funds and partnerships he controlled by falsely assuring them that he would make investments on their behalf with the money they provided. Instead, he used the funds for his own purposes and to pay earlier investors. The SEC took action in April 2009, freezing his assets and charging him with securities fraud.
Read FraudTalk's original post on this story here.
Read the DOJ announcement here.
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