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SEC Claims Author Used Ponzi Scheme to Repay Prior Fraud Victims

Eric J. Aronson, a New York man who wrote a self-help book after pleading guilty to fraud more than a decade ago, was accused by U.S. regulators today of operating a $26 million Ponzi scheme in which he used investor funds to pay court-ordered restitution to victims of his earlier fraud.

Aronson, 43, lured about 140 people to buy promissory notes from companies he controlled including PermaPave Industries LLC, touting returns of up to 33 percent on investments in natural-stone pavers imported from Australia, the Securities and Exchange Commission said in a complaint filed today in Manhattan. U.S. attorneys filed related criminal charges against Aronson today, the SEC said.