Rhode Island Ponzi Scheme Case Leads to Plea Agreement
Martin Feibish, an 81-year-old resident of Providence, is expected to plead
guilty to charges of mail fraud and filing a false tax return. The guilty
plea comes as part of a plea agreement related to an alleged
Ponzi scheme that took millions from a client.
Feibish allegedly ran a Ponzi scheme that targeted one investor. That investor apparently handed over at $5 million to Feibish, and it is alleged that Feibish lured the investor in with false claims. According to the plea agreement, the investor lost a total of $2.5 million to the alleged Ponzi scheme.
Feibish had formerly been an investment broker and independent insurance agent, and he was responsible for two investment companies that he created which are now closed. His attorney reports that Feibish is “deeply remorseful for what he’s done”. He faces a maximum of 23 years in prison.
If you have been the victim of a Ponzi scheme or stock scam, speak with an expert Rhode Island securities fraud lawyer today about your options for recovery. Meyer Wilson represents investors nationwide in FINRA proceedings, and we have helped hundreds of our clients recover their investment losses. We look forward to speaking with you.