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Feds Indict WexTrust’s Ex-CEO & COO

MANHATTAN (CN) - WexTrust Capital CEO Steven Byers and COO Joseph Shereshevsky defrauded investors by misrepresenting private placement offerings and using virtually all the money they got for other purposes, federal prosecutors say.

The men ran the scam from May 2005 until August this year, according to the indictment for conspiracy, mail fraud and securities fraud.

Shereshevesky has two felony convictions, according to the complaint, including a 1994 conviction of felony conspiracy to commit bank fraud.

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