Money Manager Barry Ran Ponzi Scheme, Jury Is Told
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A money manager from Brooklyn, New York, ran a 30-year Ponzi scheme that defrauded hundreds of investors, a federal prosecutor told jurors at the start of his securities-fraud trial.
Philip Barry, 53, a resident of the Bay Ridge section of Brooklyn, began accepting money in 1978 from investors, guaranteeing fictional annual profits, according to prosecutors in the office of U.S. Attorney Loretta Lynch in Brooklyn. Instead, he used new investors’ money to pay earlier ones, prosecutors said.