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Securities Fraud in Westchester

Westchester is one of the first suburban upper-middle-class areas of its scale in the world to develop, due to an explosion in wealth and population. Westchester has some of the priciest zip codes in all of New York State and around the United States. Rye, Purchase, Scarsdale, Larchmont, Harrison, Armonk, Chappaqua, and Bedford are home to a number of million-dollar estates, and easily make it to the top of richest neighborhoods in New York, with median household incomes exceeding $350,000. Westchester County has a higher median household income than New York County at $86,108 (Data USA 2016). Our Westchester securities fraud attorneys and elder financial fraud attorneys have worked with residents of this area on a range of securities fraud cases, involving modest to large sums of money and investments.

Where upscale shopping centers and invitation-only clubs abound, the affluent county has also seen its share of Ponzi, affinity, and elder fraud scams. Malecki Law has worked on investment scams and frauds that use unethical practices to influence investors. In a much talked about the case, Anthony John Johnson was reportedly sentenced to imprisonment for running a $12 million Ponzi scheme through his investment advisory service Gibraltar Partners. He allegedly defrauded 72 families by placing their money in investment ventures around the world in countries like Australia and China. He allegedly committed these crimes while awaiting sentencing on another securities crime making it “all the more shocking”, mentioned the then United States Attorney for the Eastern District of New York, Loretta Lynch.

In 2016, two men from New Rochelle who ran Platinum Partners L.P. were reportedly indicted on securities and investment adviser fraud charges for defrauding investors from the orthodox Jewish community. They allegedly ran a $1,000,000,000 Ponzi scheme and committed fraud by the overvaluation of their assets, concealing cash flow issues, and preferential payment redemptions. A few years earlier, 2 accountants from Westchester, Brown, and Mangini, allegedly took the name of an inoperative company, Infinity Reserves-Tennessee Inc., owned by a client. They reportedly sold fake promissory notes guaranteeing a 10 percent return and stocks of this supposedly profitable company owning a gas pipeline, whereas the gas pipeline in question had been inactive for years.

Michael Scronic, an investment advisor based in Westchester, was reportedly charged for running a Ponzi scheme for over half a decade defrauding friends and acquaintances by encouraging them to invest in a risky trading strategy. According to reports, Scronic started to accrue money from over 40 individuals and persuaded them that high profitable returns would be guaranteed under his advice. Scronic allegedly misstated the reality of the liquidity of the investments as well as proceeded to hemorrhage the money through extreme losses resulting in more than $15,000,000. Purportedly, Scronic misled investors into thinking their total assets amounted to over $21,000,000 when in reality Scronic’s brokerage account had below $27,500 in 2017. The SEC explained that as investors became restless to redeem their investments, Scronic supposedly never revealed that he was unable able to pay them back and rather provided multiple excuses as well as obtained other investment capital to pay certain parties back. According to the complaint, Scronic also dishonestly referred to himself as an investment advisor of a nonexistent hedge fund in order to sell interest and shares. This Westchester based Ponzi scheme mislead countless suburban families and individuals and as a result, Scronic is reportedly in violation of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Exchange Act of 1934 and Rule 10b-5 alongside Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940. The SEC is pursuing disgorgement, interests, and civil penalties against Scronic.

Our firm works with investors and investment professionals on investment fraud claims and whistleblower representation. Our attorneys have handled a number of securities litigation, arbitration, and mediation cases with record settlements and awards. In Westchester, a growing number of elder financial abuse cases have been reported against elder residents of this community. Elder financial abuse can range from improper use of funds, falsification of records, embezzlement, coercion, and denial to fraud. Elders are especially vulnerable to affinity fraud and other schemes sometimes as a result of their diminished capacity. Malecki Law works with regulatory and self-regulatory bodies like FINRA to protect vulnerable elders from getting scammed.

If you or anyone you know has been solicited with questionable schemes or seen suspicious activities in your accounts, schedule a free initial consultation with Malecki Law, by calling (212) 943-1233, or emailing jenice@maleckilaw.com

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Client Reviews
★★★★★
Jenice Malecki, is one of the most helpful individuals Ive had the pleasure of speaking with. She is super knowledgeable. She helped me navigate the ever changing world of securities law. You will find her understanding of complex matters helpful and insightful. She is straightforward and candid. She makes your options easy to understand. I would recommend her without any hesitation. 10/5 stars! Enrique Tiburcio
★★★★★
I highly recommend Jenice and her team for any securities matters. She is a true professional and a pleasure to work with. She responds quickly to emails and listens to your concerns/questions. Jenice makes sure you're always informed and in the know about your case. Great experience and also very fairly priced! Jeff
★★★★★
An excellent professional who represented us in trial regarding a bank fraud, an unexpected and difficult time. A professional that worked hard, persevering and who stood toe to toe against firms that had a team of excellent lawyers backing them up. Her unflinching determination really stands out, it makes you feel you have someone who really cares about trying to recover what you lost from the people that wronged you. Salomon Levi
★★★★★
It is difficult to thank you in words when gratitude comes from the heart, so I will try to link feelings with writing. It is essential for us to mention your excellence as a professional, your aptitude on legal fields, and your unavoidable persistence. All of these virtues that elevate the profession you exercise in such an admirable way, go hand in hand with your sense of ethics, your human warmth and the transparency in your actions. To sum up, thank you for being a listening ear and for having the right word while transmitting information about the legal process. Having you as our representative during such an adverse situation was a privilege and enough reason for our eternal gratitude. Angeles Aparain
★★★★★
To say that my securities litigation was complex would be a severe understatement. With multiple parties involved and spanning many years, trying to understand the issues was daunting to say the least. Jenice and her team broke down the transactions by segment and by party uncovering every hidden expense. In the end, I was more than happy and could not thank Jenice and her team enough. I would not hesitate to recommend Jenice to anyone. She is highly professional, incredibly knowledgeable, well connected to industry experts, has a tireless work ethic and is so pleasant and easy to communicate with. Five stars for sure! Andrew Loughrane