{"id":6723,"date":"2018-12-11T09:22:17","date_gmt":"2018-12-11T15:22:17","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6723"},"modified":"2018-12-11T09:22:17","modified_gmt":"2018-12-11T15:22:17","slug":"former-lombard-securities-broker-pleads-guilty-in-multimillion-dollar-ponzi-scam-that-defrauded-older-investors","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/former-lombard-securities-broker-pleads-guilty-in-multimillion-dollar-ponzi-scam-that-defrauded-older-investors\/","title":{"rendered":"Former Lombard Securities Broker Pleads Guilty in Multimillion-Dollar Ponzi Scam That Defrauded Older Investors"},"content":{"rendered":"<p>\t\t\t\tSteven Pagartanis, an ex-New York broker with Lombard Securities, has pleaded guilty to wire fraud and mail fraud in a <a href=\"https:\/\/www.investorlawyers.com\">Ponzi scam<\/a> that went on for more than 18 years and caused investors to lose more than $9M of the over $13M that they invested. Many of his victims were older investors who lost a significant amount of their life savings. Many of them had worked with Pagartanis for years.<\/p>\n<p>According to the release by the <a href=\"https:\/\/www.justice.gov\/usao-edny\/pr\/long-island-investment-advisor-pleads-guilty-multi-million-dollar-securities-fraud-and\" target=\"_blank\" rel=\"noopener noreferrer\">US Attorney\u2019s Office for the Eastern District of New York<\/a>, from 1\/2000 to 3\/2018, Pagartanis persuaded older individuals to get involved in investments involving real estate, including those that had affiliations with an international hotel conglomerate and publicly traded entities. Investors were told that their principal was secure and they would make a fixed return of 4.5 to 8% yearly.<\/p>\n<p>Pagartanis\u2019 victims were instructed to write checks to an entity of which he was secretly in control. The former broker used different bank accounts to launder the stolen money that he then spent on his own expenses as well as to pay other investors their \u201cinterest or dividend payments\u201d that they were owed. He set up bogus account statements so as to encourage further investing and to hide his fraud.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/former-lombard-securities-broker-pleads-guilty-in-multimillion-dollar-ponzi-scam-that-defrauded-older-investors\/\"  title=\"Continue Reading Former Lombard Securities Broker Pleads Guilty in Multimillion-Dollar Ponzi Scam That Defrauded Older Investors\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Steven Pagartanis, an ex-New York broker with Lombard Securities, has pleaded guilty to wire fraud and mail fraud in a Ponzi scam that went on for more than 18 years and caused investors to lose more than $9M of the over $13M that they invested. Many of his victims were older investors who lost a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6590,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3783,3792,3803],"tags":[3223,3224],"class_list":["post-6723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broker-fraud","category-broker-misconduct","category-ponzi-scams","category-senior-investors","tag-lombard-securities","tag-steven-pagartanis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Former Lombard Securities Broker Pleads Guilty in Multimillion-Dollar Ponzi Scam That Defrauded Older Investors &#8212; Investor Lawyers Blog &#8212; December 11, 2018<\/title>\n<meta name=\"description\" content=\"Steven Pagartanis, an ex-New York broker with Lombard Securities, has pleaded guilty to wire fraud and mail fraud in a Ponzi scam that went on for more than 18 years and caused investors to lose more than $9M of the over $13M that they invested.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/former-lombard-securities-broker-pleads-guilty-in-multimillion-dollar-ponzi-scam-that-defrauded-older-investors\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Former Lombard Securities Broker Pleads Guilty in Multimillion-Dollar Ponzi Scam That Defrauded Older Investors &#8212; Investor Lawyers Blog &#8212; December 11, 2018\" \/>\n<meta name=\"twitter:description\" content=\"Steven Pagartanis, an ex-New York broker with Lombard Securities, has pleaded guilty to wire fraud and mail fraud in a Ponzi scam that went on for more than 18 years and caused investors to lose more than $9M of the over $13M that they invested.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/09\/9.27.18.jpeg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Former Lombard Securities Broker Pleads Guilty in Multimillion-Dollar Ponzi Scam That Defrauded Older Investors &#8212; Investor Lawyers Blog &#8212; December 11, 2018","description":"Steven Pagartanis, an ex-New York broker with Lombard Securities, has pleaded guilty to wire fraud and mail fraud in a Ponzi scam that went on for more than 18 years and caused investors to lose more than $9M of the over $13M that they invested.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/former-lombard-securities-broker-pleads-guilty-in-multimillion-dollar-ponzi-scam-that-defrauded-older-investors\/","twitter_card":"summary_large_image","twitter_title":"Former Lombard Securities Broker Pleads Guilty in Multimillion-Dollar Ponzi Scam That Defrauded Older Investors &#8212; 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