Alleged Fire, Police Ponzi Schemer Must Pay SEC $23 Million

A New York gemologist accused of raising almost $70 million from current and retired firefighters and police officers in a jewelry-business Ponzi scheme has been ordered to surrender about $23 million in disgorgement, interest, and a civil penalty to the SEC.

Judge Joanna Seybert of the US District Court for the Eastern District of New York granted the judgment in favor of the Securities and Exchange Commission Thursday.

• The SEC alleged Gregory Altieri deceived at least 80 investors with promises of short-term investment returns ranging from 30% to 100%
• Jewelry business was allegedly nonexistent
• Altieri also allegedly borrowed tens of ...