BX man accused in $4.5M Ponzi scheme

A Bronx man is facing dozens of counts of fraud after investigators say he defrauded clients out of millions of dollars in a Ponzi scheme.

THE BRONX - A Bronx man is facing dozens of counts of fraud after investigators say he defrauded clients out of millions of dollars in a Ponzi scheme. Bob Van Zandt faces a 35-count indictment for stealing about $4.5 million from clients who trusted him to manage their money. Authorities say he ran his business purely as a Ponzi scheme starting in 2008. Van Zandt promised to invest his clients' money into lucrative securities, promising huge returns. Instead, prosecutors say that money would simply be used to repay previous investors, forming a so-called wheel of fraud. Van Zandt faces up to 25 years in prison if convicted. He is due back in court tomorrow.

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