Couple Says Adviser Steered Them|Into a Giant Ponzi Scam

     NEWARK (CN) – A husband and wife claim they lost $500,000 investing in Waterford Funding, which ran a $168 million Ponzi scam. They sued Daniel Humphrey dba Finity Financial Group, claiming he persuaded them to put their money into Waterford, and that he is not registered as an investment adviser.

     Eric and Kathleen Silver say Humphrey advised at least 88 investors to put their money into high-risk ventures, driven by “his appetite for commissions”.
     The Silvers say Waterford “imploded” in April, “in what has been described in the media as a $168 million Ponzi scheme. This resulted in numerous investors, including the Silvers, losing their entire investments with Humphrey.”
     They claim that Humphrey knew as early as November 2008 that Waterford was “in dire financial straits,” but concealed it until the company had collapsed.
     Humphrey allegedly ran his business out of his home in New Canaan, Ct.
     The Silvers are represented in Federal Court by Michael Saffer with Mandelbaum Salsburg of West Orange, N.J.

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