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Rocklander Pleads Guilty to $6M Ponzi Scheme

'He leaves many victims, whom he knew personally, impoverished in the wake of his fraud,' district attorney says.

A Rockland man pled guilty Friday to three counts of wire fraud in connection with a Ponzi scheme that took in $6 million over an 11-year period.

Alan Ritter, a self-employed accountant from Monsey, entered his guilty plea in a Manhattan federal court, said Preet Bharara U.S. attorney for the southern district of New York City.

Ritter—69-years-old—suffered a $500,000 loss in 2001 from an unrelated business venture, according to the the D.A.'s office. To recoup his losses, Ritter solicited hundreds of thousands of dollars from friends and clients, lying and saying he intended to invest them in a real estate projects.

From there, Ritter accrued money for over a decade, using the funds to settle interest payments and cover his own expenses, the D.A. said.

"Alan Ritter used his trusted role as an accountant to hatch a fraudulent loan scheme that quickly grew into a multi-million dollar Ponzi scheme," Bharara said. "He leaves many victims, whom he knew personally, impoverished in the wake of his fraud. With his plea [Friday], Ritter will now be held to account for his crimes."

Ritter faces a statutory maximum sentence of 20 years in prison for each of the three wire fraud counts, a fine of $250,000, or twice the gross gain or loss of the offense, and a maximum period of three years of supervised release.

Ritter is slated to be sentenced January 16, 2013.

barbara burke September 15, 2012 at 04:59 PM
Here we go again with another greedy creep taking advantages of friends and relatives to advance his own goals. Haven t people learned from the Madoff case, My opinion is trust know one with your assests if it sounds too good to be true then it is. Invest in only reputeable resources like JP Morgan Chase, your investments probably won t be the same but at least you won t end up on the poor house. Shame on him I hope the judge gives him the maximum sentence. See how he likes a jail cell as opposed to a penthouse.

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