Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Monday, March 18, 2024 | Back issues
Courthouse News Service Courthouse News Service

Accountant Pleads Guilty to Ponzi Scam

MANHATTAN (CN) - A 64-year-old accountant in Westchester County faces up to 70 years in federal prison for running a $2 million Ponzi scheme on his clients. Laurence M. Brown, of Katonah, pleaded guilty fraud and money laundering.

Brown, a principal in an Armonk accounting firm, talked at least 10 people to invest more than $2 million into a gas pipeline company of which he claimed to be the president. But he pocketed most of the money, and made about $136,550 in Ponzi payments, prosecutors said.

Brown pleaded guilty late last week to wire fraud, securities fraud and money laundering. He will be sentenced on Nov. 17.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...