Grimy Times has learned that Solomon Lichtenstein, a 30-year-old resident of Stony Point, New York, has pleaded guilty to securities fraud as part of a scheme to defraud investors in two investment vehicles he managed and promoted.
According to the United States Attorney for the Southern District of New York, Jay Clayton, Lichtenstein solicited and received millions of dollars from friends, relatives, and members of his community on the back of false statements and misrepresentations regarding his investment qualifications and strategy, track record, and returns.
Over a period of roughly two years from July 2022 through August 2024, Lichtenstein defrauded investors in two investment entities he operated, raising more than $3 million from dozens of victims.
Lichtenstein falsely represented to investors and prospective investors that his unique trading and risk mitigation strategies were generating large returns, when in reality, he invested less than $600,000 of the funds he received and incurred significant losses on those funds through losing trades.
Furthermore, Lichtenstein took approximately $1 million in investor funds for personal use, including home mortgage payments, travel and dining expenses, and cash withdrawals.
Accounting for funds that were returned, investors lost more than $1.5 million through Lichtenstein’s scheme.
Lichtenstein is scheduled to be sentenced on July 8, 2026, and faces a maximum sentence of five years in prison.
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Key Facts
- State: New York
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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