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Accused Ponzi Schemer Showcased School Spirit


Accused Ponzi Schemer Showcased School Spirit

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Accused Ponzi Schemer Showcased School Spirit

By Michael Hackard on November 25, 2013Posted in Ponzi Profiles

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A Miami, FL, man has been arrested in New Jersey for allegedly running an $18 million Ponzi scheme. Louis J. Spina, 56, was charged with a count of wire fraud in US District Court today, after an FBI agent filed an affidavit detailing his creative business exploits. Spina is said to have defrauded at least 28 investors and could face up to 20 years in prison should he be found guilty. While some defendants opt for trial, a common recourse in such situations is to make a plea bargain for a lesser sentence.

From 2010 to 2013, federal prosecutors assert that Spina was operating a bogus investment program through his company, LJS Trading LLC. He used LJS Trading to solicit potential clients, claiming that a special computer algorithm enabled him to crank out ludicrous 14% monthly returns on principal, guaranteed.

Relax…Here’s a screenshot of your trades.

Despite these promises of amazing profits at no risk, Spina is said to have actually dumped $8 million of co-mingled investor funds into bad trades. He then used the leftover $10 million to distribute fictitious interest in an effort to sustain the scheme, the US Attorney’s Office charges. It’s alleged Spina even managed to convince his clients that LJS Trading’s platform was humming along smoothly by sending around fake screenshots of supposedly successful trades.

Spina is accused of misappropriating investors’ money when he treated himself to a luxury apartment, a car and other items. He also made a $400,000 donation to an unnamed private university; say what you like about the man, but you can’t deny him his school spirit.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
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