South Brunswick husband and wife indicted in ‘classic Ponzi scheme’

A state grand jury indicted a Middlesex County couple on charges of duping investors out of millions of dollars.

Swapnil Rege, 50, and Reema Rege, 48, both of Monmouth Junction in South Brunswick, face numerous fraud, theft, and money laundering-related charges related to a Ponzi scheme prosecutors say the couple orchestrated between January 2020 and August 2022.

Their operation, spearheaded by Swanpil, misled two investors to pour in cash with false promises of high returns, with him not telling the investors he had been barred by the U.S. Securities and Exchange Commission since July 2019, prosecutors said.

Their approximately $2.28 million was pocketed for the Rege's personal use, prosecutors say, including the purchase of a mansion, paying off debts, and settling other family expenses.

Swanpil's other illegal activities also included taking thousands of dollars of stocks and retirement funds from an investor, money laundering for fake returns, and attempting to pay the investors back with a bad check, prosecutors say.

Prosecutors say his wife knowingly participated in the scheme and also came into money that had been illegally taken from investors, hence her inclusion as a co-defendant.

“Investment fraud schemes prey on vulnerable victims with empty promises of huge profits and guaranteed returns,” Attorney General Matthew Platkin said in a statement announcing the indictment.

“The defendants charged in this case allegedly used investors’ funds in a classic Ponzi scheme, enriching themselves along the way. The charges in the indictment serve as reminder to those who would take advantage of New Jersey investors that we will hold you accountable.”

The case is ongoing, with the defendants set to appear for arraignment in Middlesex County at a later date.

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