An Oceanside woman is charged with allegedly operating a Ponzi scheme that bilked victims out of $4.7 million.
According to an indictment filed in federal court in Central Islip Monday, Laurie Schneider told investors she could buy industrial machinery from China at low prices and resell it at steep markups.
Prosecutors say she promised her investors a 15-to-60 percent profit.
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According to Newsday, Schneider allegedly had no connection to Chinese companies and instead ran a Ponzi scheme.
Prosecutors say three investors lost between $50,000 and $290,000. They didn’t say how many people were victimized
Schneider’s lawyer, John Carman, said the indictment was an “unfortunate chapter in the story of a woman who worked tirelessly on behalf of her failing business.”
Copyright 2012 The Associated Press.
