FAIR HAVEN: FEDS CHARGE $18 MILLION SCAM

just_in1The owner of an investment firm based in Fair Haven was arrested Monday on charges he ran an $18 million Ponzi scheme, federal authorities said.

Louis J. Spina, 56, formerly of Colts Neck, is alleged to have lost $8 million of that amount on stock trades and burned through the rest to pay his clients phony ‘returns,’ as well as for personal expenses, “including car purchases/payments, luxury apartment rental payments, and a $400,000 donation to a private university,” the office of United States Attorney Paul Fishman said in a prepared announcement.

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