Brooklyn’s federal courthouse echoed the sound of justice as Gonzalo Ortiz, 48, from Hackensack, New Jersey, pleaded guilty to investment adviser fraud. The scheme involved swindling an investor out of nearly $600,000 through false representations about his trading prowess.
Ortiz, who posed as a successful stock trader, duped the victim into investing substantial sums over several years. He promised significant returns, but instead, the defendant siphoned off funds for personal expenses, leaving the investor with substantial losses.
‘Ortiz masqueraded as an experienced stock trader who could substantially increase the victim’s savings, but instead he stole close to a quarter million dollars of the victim’s money for his own personal benefit,’ said Breon Peace, United States Attorney for the Eastern District of New York.
Michael J. Driscoll, Assistant Director-in-Charge of the FBI’s New York Field Office, emphasized the impact of such schemes, stating, ‘Investment fraud schemes are all too common, often causing emotional trauma to those affected. Our office is committed to investigating this type of criminal activity and holding the perpetrators accountable.’
Between April 2015 and May 2017, Ortiz misrepresented his ability to invest funds profitably, causing a significant loss in value and stealing approximately $224,500 for himself while losing a substantial amount of the investor’s money to unprofitable trades.
The case is being handled by the Office’s Business and Securities Fraud Section. Assistant United States Attorney Andrew D. Grubin is leading the prosecution against Ortiz.
Related Federal Cases
- Gonzalo Ortiz Sentenced to 30 Months for Stock Fraud · New Jersey
- Gonzalo Ortiz Gets 30 Months for Stock Fraud Scam · New Jersey
- New York Fund Manager Joshua Goltry Pleads Guilty to Multimillion-Dollar Investment Fraud Scheme · New Jersey
- Ijaz Butt Gets 63 Months for $200M Credit Card Fraud · New Jersey
- Shawn Hilliard Gets 12 Years for $1.3M Bank Fraud Scheme · Pennsylvania
Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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