Michael Goldberg, Ex-Conn. Resident, Admits Running $100 Million Ponzi Scheme

NEW HAVEN, Conn. — Authorities say a former Wethersfield, Conn., resident has pleaded guilty to federal charges he operated a $100 million Ponzi scheme that ripped off hundreds of investors.

Federal prosecutors and the FBI say Michael Goldberg stole more than $30 million in 12 years by promising investors huge returns quickly on money they gave him to buy diamonds for resale or to buy foreclosed assets from the JPMorgan Chase & Co. bank.

Prosecutors say he didn't invest the money and paid old investors with funds from new investors. They say the result was "financial misery" for many of them.

Goldberg revealed his scheme to authorities. He'll be sentenced Dec. 2 on three counts of wire fraud. The 39-year-old faces up to 60 years in prison.

A defense attorney hasn't returned a phone message left after business hours Monday.

Comments

[Freenation]

12:31 PM on 09/16/2010

Check out nypost 900 million ponzi schemer nevin Shapiro arrested in nj...another one bites the dust...

[choot]

03:47 AM on 09/15/2010

This is your face on rethuglicanism.

[indy girl]

11:34 PM on 09/14/2010

NEW HAVEN, Conn. — Authorities say a former Wethersfield, Conn., resident has pleaded guilty to federal charges he operated a $100 million Ponzi scheme that ripped off hundreds of investors.

He also is a suspect in a string of restaurant thefts, where wait staff was held at gunpoint and entire breakfast and lunch buffets were eaten in a single sitting.

[Raccoon1]

06:07 PM on 09/14/2010

Looks like a young Rushbo.

[angrymanspokane]

05:52 PM on 09/14/2010

Greed creates gullibility.

[Vernie31]

04:32 PM on 09/14/2010

" Do YOU know what they Do to OLD, FAT Republicans in PRISON?" - Meryl Streep "Death Becomes Her"

[raosn]

12:18 PM on 09/14/2010

I think a person who can run a 100 million dollar ponzi scheme for 12 years should NOT be jailed. Bloody I cannot get my girl friend to invest in my scheme and this guy gets total strangers to invest 100s of thousands in his scheme. So he is way better person than me and does not belong in Jail rather a street should be named after him near wall street.

[PhilipTaylor]

11:48 AM on 09/14/2010

CT = "L1E"berman + D0DD = CORRUPT POLITICIANS = CORRUPT BANKSTERS = CORRUPTION

The GOOD PEOPLE OF CT. MUST STOP THEM - AMERICA CANNOT AFFORD MORE CRIMINALS from CT.

[jo smith456]

08:42 AM on 09/15/2010

But people from CT keep electing them? Who is the sucker then?

[Kevin Atlanta]

10:34 AM on 09/14/2010

Another Chris Dodd capitalist exposed. How nice...

[asteven]

10:30 AM on 09/14/2010

why is the Gvmt getting in the way of private enterprise in this country?

[CarolinaYankee]

10:02 AM on 09/14/2010

Can you just hear the whining from Lieberman if he was one of the investors? That voice EWWWW

[mikerobjohn]

09:51 AM on 09/14/2010

GREED! Just another example of people ABUSING the economic system we have in this country. This is why we need more regulation and not less. Until these so-called Christian Americans start practicing what they preach, we are going to need the government to intervene.

[Ohio Voter]

09:44 AM on 09/14/2010

The key words "Huge returns quickly". People just will not face the fact that there is no such thing.

[Chris Garry]

09:47 AM on 09/14/2010

Exactly if people want "Huge Returns Quickly then they should rob a bank.

[audadvnc]

09:39 AM on 09/14/2010

Mr. Goldberg's big mistake was that he wasn't big enough. If his name were Blankfein, he'd be a free man today.

[indy girl]

11:35 PM on 09/14/2010

He looks plenty big to me.

[BILLHICKSPINNING]

09:22 AM on 09/14/2010

We need fairness in sentencing! If a guy with a fake gun robs a gas station for eighty bucks gets 2 to 10 years,this guy should go away forever and be buried on prison grounds. The guy with the gun would have scared 1 or 2 people for a couple minutes,think of the thousands of people worried about their retirement right now thanks to tubbsy mcclever.