Summary
A Hackensack-based day trader admitted Monday that he bilked $1.5 million from a Cleveland bank in a student-loan scam and $500,000 from investors in a separate Ponzi scheme, using some of the ill- gotten gains to support a lavish lifestyle.
Victor E. Cilli, 46, pleaded guilty in federal court in Trenton to securities fraud, conspiracy to commit bank fraud and tax evasion for evading more than $158,000 in taxes related to the student loan scheme.See the full content of this document
Extract
Day Trader Admits Bilking Investors
Cilli oversaw a Ponzi scheme between January and October 2007 that...
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