Former NJ Man Charged in Ponzi Scheme
NEW JERSEY 101.5
Louis J. Spina, formerly of Colts Neck, was arrested Monday on a charge that he operated an $18 million Ponzi scheme involving victims from New Jersey.
According to authorities, the 56-year-old collected the money from investors between August 2010 and November 2013, after telling them he would invest their funds in his business and give them guaranteed monthly rates of return. Only $8 million was transferred to a trading account, which Spina lost in unsuccessful trading. The remaining money, according to officials, was partially used for personal expenses.
If convicted, Spina could spend 20 years behind bars and pay a hefty fine.