09/17/2009 05:12 am ET Updated May 25, 2011

Philip Barry May Be The Madoff-Like Schemer Of Brooklyn, Except People Like Him

Philip Barry may be the Bernie Madoff of Brooklyn, but unlike the universally-reviled felon, many people still swear by him - instead of at him.

Barry, an unassuming Bay Ridge storefront investment adviser, has been accused of running a $40 million Ponzi scheme that defrauded hundreds of local investors of their life savings - including a political boss.

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