ALBANY, N.Y. (AP) - A Bronx tax preparer has admitted running what authorities say was a $4.8 million Ponzi scheme.
New York Attorney General Eric Schneiderman on Tuesday announced the conviction of Robert Van Zandt, who pleaded guilty to securities fraud and grand larceny.
Schneiderman’s office says Van Zandt began handling clients’ investments in 2007 and used money from new investors for personal expenses and to pay back previous investors.
An indictment lists 29 investors who gave Van Zandt between $25,000 and $900,000. Schneiderman says some victims handed over their life savings.
The 70-year-old Van Zandt faces between three-and-a-half and 11 years in prison when he is sentenced Jan. 5.
Prosecutors are seeking $35 million in restitution in a separate civil action.
Van Zandt’s attorney says his client regrets the financial harm to investors.
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