Jennifer Ray’s Legal Blog

Twin brothers in New York City have been arrested and charged with embezzling and fraudulently obtaining over $2 million from investors.  The twins scammed investors with false promise of profits and returns of investments.  They persuaded over thirty people to invest their money with them from January 2005 to June 2009.  Some people took out loans to reinvest additional money with the brothers.  The men spent the investors’ funds on personal expenses such as rent, phone, and cable bills.  The 38-year-old twins reportedly lived with their mother in Greenwich Village.