Contact Us
Make My Homepage

Former NJ Man Charged in Ponzi Scheme

NEW JERSEY 101.5

gavel
Chris Ryan, Getty Images

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.

Best of NJ 101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to http://nj1015.com using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.