Broker Was In On Ponzi Scam, SEC Says

LOS ANGELES (CN) - Justin Paterny, while a broker for UBS Financial Services, duped 42 investors of $14.1 million in a fraudulent hedge fund offering he called The GLT Venture Fund, the SEC claims in Federal Court. It claims Paterny worked with the fund's adviser, Keith G. Gilabert, and took $220,500 for it, though he knew Gilabert was losing money in the Ponzi scam. See complaint.