Financial Wizard Burton Greenberg Found Guilty Of Running A $10 Million Ponzi Scheme
Burton Greenberg is a 75-year-old great-grandfather who victims said portrayed himself as a financial Wizard. Greenberg got them to invest in a $10 million investment fraud. This Wizard is now going to federal prison for to eight years
Greenberg begged for mercy at his sentencing. In addition, he began summarizing religious teachings on repentance and atonement. As such, he told U.S. District Judge James Cohn:
Rather Greenberg’s expressions of atonement fell flat with Judge Cohn:
Greenberg’s Scheme Wiped Out His Victim’s Life Savings
Greenberg’s belated apologies also rang hollow for two of his victims. Peter Schug and Scott Serafin traveled from New York to Fort Lauderdale to testify how the fraud devastated their families.
Serafin recalled how Greenberg made himself sound like the Wizard of Oz.
Serefin concluded his tale of being financially raped by Greenberg. He told the court:
This wannabe Wizard pleaded guilty on November 6, 2015, to charges of conspiracy to commit wire fraud.
Greenberg was President/CEO of M&P Global Financial Services. M&P was a Florida-based corporation that entered into agreements in 2001 with Global Financial Fund 8, LLP.
Global Financial Fund 8, LLP solicited and received over $10 million from investors located throughout the United States. This also included residents of the Northern District of New York.
Greenberg also admitted used the funds to make separate investments on his own behalf.
In addition, Greenberg tried to avoid detection of diverting money by orchestrating the payment of phony “profit” distributions to investors. These payments were merely a partial return of their principal investment.
Furthermore, from 2004 to 2013 Greenberg repeatedly assured the investors via e-mail that their investments were secure and profitable when he knew this was false.