10.0David P Neuman
(720) 599-3505

Man Admits To $20 Million Ponzi Scheme In New Jersey


Man Admits To $20 Million Ponzi Scheme In New Jersey

Posted by admin | 0 Comment


Man Admits To $20 Million Ponzi Scheme In New Jersey

November 20, 2014 6:07 PM

TRENTON, N.J. (AP) — A central New Jersey man has admitted running a $20 million Ponzi scheme.

Louis Spina faces up to 20 years in prison for wire fraud when he’s sentenced in February.

Spina pleaded guilty in federal court in Trenton on Thursday. The U.S. attorney’s office says the 57-year-old Colts Neck resident convinced 36 investors to invest $20 million based on promises they would earn nine percent to 14 percent monthly. Spina also maintained a residence in Miami.

Spina allegedly put only $9.5 million into a trading account and used the remaining $10.5 million to make interest payments to investors and return some portions of their principals, as well as pay for his personal expenses. He also allegedly made a $400,000 donation to an unnamed private university.

Investors lost about $12.7 million.


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.
10.0David P Neuman


DENVER: (720) 599-3505

SEATTLE: (206) 795-5798

Copyright © 2020 Israels Neuman, PLC. All Rights Reserved | Sitemap