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New York Life Broker Admits Securities Fraud Scheme
NEWARK, N.J. – Ivan Ramos, a 39-year-old New York Life insurance broker from Hillside, New Jersey, has pleaded guilty to a scheme that fraudulently used his association with the company to solicit investor money, Acting U.S. Attorney Rachael A. Honig announced.
Ramos admitted to using his position to deceive inexperienced investors into investing in two entities he controlled, Invexperts LLC and Wealth Seeds Capital LLC, which were not associated with New York Life. He falsely promised his victims that their investments would be placed in low-risk investments through New York Life, and instead used the funds for personal expenses, to develop a restaurant, and to repay other investors.
According to documents filed in the case, Ramos sought out investors after they purchased life insurance through him or at New York Life marketing events. He also used mutual acquaintances to find victims, who believed that the money they entrusted to Ramos would be placed in investments through New York Life.
The scheme resulted in over $1 million in investor money being obtained by Ramos. He faces a maximum penalty of 20 years in prison and a $5 million fine for the securities fraud count. Sentencing is scheduled for June 15, 2021.
The U.S. Securities and Exchange Commission (SEC) has filed a civil complaint against Ramos based on the allegations underlying the securities fraud charge. The investigation was led by special agents of the FBI and postal inspectors of the U.S. Postal Inspection Service.
The case is being prosecuted by Assistant U.S. Attorney Andrew Macurdy of the U.S. Attorney’s Office Economic Crimes Unit. Acting U.S. Attorney Honig credited the special agents and inspectors with the investigation leading to today’s guilty plea.
Ramos’s actions were a betrayal of the trust placed in him by his victims, and his guilty plea is a significant step towards holding him accountable for his crimes. The U.S. Attorney’s Office will continue to work tirelessly to protect investors and bring perpetrators of securities fraud to justice.
Key Facts
- State: New Jersey
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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