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.