Thursday, December 17, 2015

Marcello Trebitsch, Sheldon Silver's Son-in-Law, Going To Jail For $6 Million Ponzi Scheme

Marcello Trebitsch, who is the son-in-law of Sheldon Silver, leaves Manhattan Federal Court on Wednesday, December 16, 2015. He was sentenced to two years in prison for stealing $6 million 

from investors.

Sheldon Silver’s son-in-law will spend 2 

years in prison for $6M Ponzi scheme

Updated: Wednesday, December 16, 2015, 5:50 PM

Sheldon Silver's Ponzi scheming son-in-law will spend two years in prison for pocketing some $6 million from unsuspecting investors, a Manhattan federal judge ruled Wednesday.

Marcello Trebitsch, who is hitched to disgraced ex-Assembly speaker Silver's daughter Michelle, pleaded guilty in July 2015 to one count of securities fraud related to the seven-year-long scam.

The fraudster's sentencing comes just two weeks after a federal jury convicted Silver of seven corruption counts. A source previously told the Daily News Silver and Trebitsch's arrests were not connected.

Trebitsch promised Allese Capital investors 14-to-16% returns with little risk. He fudged financial statements to make the investments look profitable. In reality, he was hoarding the money for himself and paying back other investors.

He admitted to the scheme when he pleaded guilty, telling the court: "I'm sorry for what I've done and I apologize to the court and my family."

"As Marcello Trebitsch admitted in court today, he ran a multimillion-dollar Ponzi scheme, defrauding investors who put their faith in him," Manhattan U.S. Attorney Preet Bharara said after Trebitsch's plea. "He returned their faith with deceit and self-dealing, lying about his trading losses and using investor money on himself."

Sheldon Silver's son-in-law pleads guilty in fraud case, admitting he received $7M in Ponzi scheme


Monday, July 13, 2015, 5:38 PM

Sheldon Silver's son-in-law copped a plea in Manhattan Federal Court Monday, admitting that for years he defrauded investors of millions of dollars in a Ponzi scheme.

Marcello Trebitsch, 37, pleaded guilty to securities fraud before Judge Vernon Broderick, saying that from 2007 to 2014, he received $7 million from investors, for which he promised high returns with low risk.

"I also gave them false account statements," leading investors to believe that was what they were getting, Trebitsch said in court.

Federal prosecutors said Trebitsch, who is married to the former Assembly Speaker's daughter Michelle, promised investors to Allese Capital a 16% return and then doctored financial statements to reflect profit, while in reality Trebitsch was using the remainder of the funds for his own personal benefit and to pay back other investors.

"I'm sorry for what I've done and I apologize to the court and my family," Trebitsch said.

Trebitsch faces up to 20 years behind bars if convicted at trial. The plea deal calls for Trebitsch to serve between 51 to 63 months, but Broderick reminded him that the final decision on his punishment would be his.

"Their prediction could be wrong," Broderick warned. By pleading guilty, Trebitsch waived his right to appeal Broderick's sentencing decision.

"At sentencing, we are hopeful the Court will treat him leniently once the full background of this case is explained in our sentencing memorandum," said Trebitsch's lawyer, Benjamin Brafman.

Under the terms of the deal, Trebitsch must also pay $5,905,949 in forfeiture and restitution. He’ll be sentenced Nov. 2.

1 comment:

  1. more like 26weeks this people own the courts