Investment Advisor Sentenced To 97 Months In Ponzi Scheme
DETROIT (WWJ) – A Farmington Hills investment advisor has been sentenced to 97 months for spear heading a $4 million Ponzi Scheme.
As part of his scheme, 56-year-old Keith Epstein directed clients – many of whom were elderly – to liquidate investments in order to put them in new, less risky instruments with him. He then diverted those funds for his own use — and spent it on things like gambling and strip clubs.
In addition to his prison sentence, Epstein was ordered to pay all his victims back.