NY Jury Convicts Man of Running $11M Ponzi Scam

(CN) - Hayim Regensberg ran an $11 million Ponzi scheme, a federal jury in Manhattan decided on Friday, returning guilty verdicts on all nine counts of securities fraud and wire fraud.

Regensberg, 44, of Manhattan, promised suckers he would earn them 5 percent to 15 percent returns on foreign IPOs with "little or no risk," and 18 percent by loaning the money to other traders, prosecutors said. He faces up to 180 years in prison.