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$12 Million Ponzi Scam Alleged

BROOKLYN (CN) - Seventeen investors say Philip Barry took $12 million in a multiyear Ponzi scam he ran through The Leverage Group and North American Financial. Barry allegedly promised 12.5% annual returns, and swiped their money to buy 35 properties in Upstate New York.

Barry allegedly operated the scam out of Brooklyn. Plaintiffs are represented in Federal Court by Greenbaum Rowe Smith & Davis of Roseland, N.J.

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