Sheldon Silver’s Son-in-Law Admits Running $7 Million Fraud
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The son-in-law of former New York State Assembly Speaker Sheldon Silver pleaded guilty to bilking his clients out $7 million in a seven-year Ponzi scheme.
Under the plea deal, the U.S. agreed to drop a wire fraud charge against Marcello Trebitsch, allowing him to plead guilty to one count of securities fraud. He agreed to repay $5.9 million and faces 5 1/4 years in prison when he is sentenced Nov. 2. If he’d been convicted after a trial he might have faced as long as 20 years in prison on each charge.