Gershon Barkany, of Woodmere, accused of running $50M Ponzi scheme

A Woodmere man is under arrest and accused of running a $50 million Ponzi scheme. Investigators say Gershon Barkany told investors he was putting their

Officials say Gershon Barkany used the money to gamble at casinos.

Officials say Gershon Barkany used the money to gamble at casinos. (3/29/13)

WOODMERE - A Woodmere man is under arrest and accused of running a $50 million Ponzi scheme.

Investigators say Gershon Barkany told investors he was putting their cash into real estate deals but they say the deals "didn't exist." Barkany’s attorney insists he is innocent.

News 12 Long Island has learned at least five investors lost millions.

Barkany is accused of using some of that money gambling at casinos and losing.

Barkany faces 20 years if convicted.
 

advertisement | advertise on News 12

Top 5 Must See

Police say they have arrested Jonnathan Santos, 20, 1 Police: Man arrested following fatal crash in LIE in Syosset
According to police, the car crashed into a 2 Police respond to car into building in North Bellmore
The homeowner tells News 12 she called PSEG 3 Homeowner claims debris removal too costly after PSEG trimmed trees
The town says it is presenting a plan 4 Riverhead eyes plan to keep truck traffic off local road
Police released a picture yesterday of a suspect 5 Nassau steps up patrols at 7-Eleven stores after ATM skimming scams

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE