BROOKLYN, NY – Two sales team leaders at the now-infamous Max Infinity Management LLC have confessed to their roles in a brazen $60 million investment fraud scheme targeting hopeful investors chasing pre-IPO stock. Enrico Carini, 40, of Staten Island, New York, also known as “Ed,” pleaded guilty to conspiracy to commit securities fraud and investment adviser fraud earlier today in federal court. His co-defendant, Caner Otar, 3, also known as “John,” previously pleaded guilty to conspiracy to commit securities fraud on August 25, 2025.
The pair, operating out of Max Infinity, Elder Fund Management LLC, and a related series of funds, preyed on investors eager to get in on the ground floor of companies like Stripe, Chime, Instacart, and Flexport. But instead of legitimate investment opportunities, they peddled lies, falsely claiming they only profited when investors did – a blatant falsehood, as they raked in commissions on every deal. They also falsely stated the company was registered with the Securities and Exchange Commission (SEC).
Federal prosecutors revealed the scheme involved meticulously rehearsed scripts designed to mislead potential investors. Carini and Otar, along with other salespeople, falsely boasted about a successful track record in prior IPO deals, despite Max Infinity having no such history. This carefully constructed facade lured in more than $60 million from unsuspecting individuals, money that was allegedly diverted to personal finances.
“Protecting investors from fraudulent schemes is a core mission of our Office,” declared United States Attorney Joseph Nocella, Jr. “These defendants used a series of lies to entice unsuspecting investors, and to enrich themselves and their co-conspirators along the way. As demonstrated by these guilty pleas, our Office will uncover and vigorously prosecute fraudulent schemes that undermine the market for private securities.” FBI Assistant Director in Charge Christopher G. Raia added, “Carini, Otar, and others at Max Infinity swindled more than $60 million… actively manipulated their clients through rehearsed lies.”
Carini now faces a maximum sentence of 10 years’ imprisonment, restitution, and the forfeiture of assets valued at over $430,000, including a collection of luxury watches. Otar is looking at a maximum of five years in prison, restitution, and $400,000 in forfeiture. The investigation, a collaborative effort with the SEC, continues, with charges pending against additional co-defendants. Their trial is scheduled for January 12, 2026, and they are presumed innocent until proven guilty.
The prosecution is being led by Assistant United States Attorneys Sarah M. Evans, Eric Silverberg, Lorena Michelen, and Nicholas M. Axelrod, with support from Paralegal Specialists Liam McNett and Timothy Migliaro. This case serves as a stark reminder that the pursuit of profit will not shield criminals from facing justice when they prey on the financial hopes of others. Grimy Times will continue to follow this case and report on any further developments.
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
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