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.

advertisement | advertise on News 12

Trending Video

VIDEO: Discovery of human remains in freezer shocks 1 VIDEO: Discovery of human remains in freezer shocks neighbors
Videos from inside the halls and classrooms of 2 Videos capture violent fights inside M.S. 232
Neighborhood Brief for Jan. 22 3 Neighborhood Brief for Jan. 22
Witnesses say someone tried to snatch a baby 4 Witness: Suspect attempts to abduct baby from stroller
Police have made an arrest in connection with 5 Police arrest man accused of hiding body parts at Hunts Point waste station

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE