A Long Island-based investment advisor repeatedly lied to investors to conceal the fact that his PIPE investment and trading strategy was failing during the financial crisis and stole more than $1 million in client assets to buy personal luxury items including a Lexus, a Mercedes and a Rolex watch.
According to a Securities and Exchange Commission charge filed in federal district court in Brooklyn, N.Y., this week, advisor Corey Ribotsky of Roslyn, N.Y.-based The NIR Group LLC falsely told investors that despite the adverse market conditions between 2007 and 2009, he could liquidate all of the PIPE investment he and his firm had made in 36 to 48 months -- a promise that SEC investigators called “a practical impossibility given the size of the investments.”
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