Gershon Barkany, of Woodmere, pleads guilty to Ponzi scheme

A Woodmere man has pleaded guilty to a multimillion-dollar Ponzi scheme. Gershon Barkany admits he swindled over $60 million from wealthy investors.

Gershon Barkany is accused of stealing over $60

Gershon Barkany is accused of stealing over $60 million from investors.

WOODMERE - A Woodmere man has pleaded guilty to a multimillion-dollar Ponzi scheme.

Gershon Barkany admits he swindled more than $60 million from wealthy investors.

The 29-year-old promised to invest in "risk free" real estate. Officials say if the homes were not flipped, the money was supposed to be returned.

However, police say the property deals never existed.

According to Barkany, not all of the deals were fake.

Barkany faces up to two decades in prison.  

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