Bruce Kane Jailed for $8.9M Investment Scam

SYRACUSE, NEW YORK — Bruce Kane, 62, of Fort Lauderdale, Florida, once a trusted CPA out of Ithaca, New York, is headed to federal prison for 97 months after masterminding a multi-million dollar investment fraud that left dozens of victims stripped of their life savings. Kane was sentenced today and ordered to pay $8.9 million in restitution and forfeit over $10 million in ill-gotten assets, the U.S. Attorney’s Office confirmed.

Kane, who pleaded guilty on June 13, 2016, admitted to running Global Financial Fund 8, LLP, a shell of a company that pulled in more than $10 million from investors across the U.S., including multiple victims in the Northern District of New York. Instead of investing the funds, Kane funneled approximately $1.5 million into a personal war chest — funding luxury boat purchases, globe-trotting vacations, $280,000 in credit card bills, and high-end Florida waterfront rentals for himself and his family.

“The sentence today reflects the significant suffering of victims who trusted Bruce Kane with their hard-earned savings,” said United States Attorney Richard S. Hartunian. “Kane lied to them so that he could steal their money and live the high life. He is now being held accountable for betraying their trust.”

FBI Special Agent in Charge Andrew W. Vale emphasized the broader damage of white-collar crime: “We will continue the dedicated pursuit of those who violate the law for personal gain. This multi-million dollar investment fraud scheme demonstrates the significant impact white-collar criminals can have on hard-working individuals of our communities.”

To keep the scam alive, Kane orchestrated fake “profit” distributions in 2004 and 2005 — returning slivers of investors’ own money as if they were earnings. He then spent years pumping out false emails, assuring panicked investors their cash was safe. The lies stretched from 2004 to 2013, a nine-year con built on deception and greed.

Sentenced by Senior U.S. District Judge Thomas J. McAvoy, Kane will serve 97 months behind bars followed by three years of supervised release. He is the second defendant convicted in the case: Burton Greenberg, 75, of Plantation, Florida, was sentenced to the same 97-month term on February 19, 2016, and ordered to pay over $10 million in restitution and forfeiture. The FBI led the investigation, with Assistant U.S. Attorney Geoffrey Brown handling prosecution.