A South Carolina man has admitted to running a $900,000 foreign currency Ponzi scheme.
Thomas Lanzana, 51, of Pawleys Island, South Carolina, pleaded guilty to wire fraud in a New Jersey federal court.
The scheme, which began as early as 2013, defrauded at least 20 individuals out of approximately $900,000, Attorney for the United States Rachael Honig announced.
Lanzana misrepresented to prospective customers that he was a successful forex trader, when in fact he was not. He sent false account statements, posted false monthly account statements, and generated and sent false tax documents to customers.
He misappropriated approximately $350,000 in customer funds, using some to repay earlier investors in the manner of a Ponzi scheme, and to pay for his personal expenses, including purchases on Amazon.com, payments to a luxury car dealer, and golf expenses.
Lanzana pleaded guilty to one count of wire fraud, which carries a maximum potential penalty of 20 years in prison and a fine of $250,000, or twice the pecuniary gain to the defendant or loss to the victims.
Sentencing is scheduled for February 23, 2021.
Attorney for the United States Honig credited special agents of the FBI and IRS-Criminal Investigation with the investigation leading to today’s guilty plea.
Related Federal Cases
- Lisa Popewiny, Wire Fraud, New Jersey 2017 · Washington
- Robert Eric Fockler, Wire Fraud, SC 2023 · Alabama
- Kelvin Lyles, Synthetic Identity Wire Fraud, GA 2023 · Alabama
- Philip R. Selliniger, Healthcare Fraud, New Jersey 2024 · Washington
- Ana Molina, Mail Fraud and Identity Theft, New Jersey 2024 · Alabama
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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