N.J. man gets 18 years for real estate Ponzi scheme

A New Jersey man has been sentenced to 18 years in prison and ordered to pay more than $100 million in restitution for masterminding what a judge described as one of the biggest real estate frauds in state history.
JAN 26, 2010
A New Jersey man has been sentenced to 18 years in prison and ordered to pay more than $100 million in restitution for masterminding what a judge described as one of the biggest real estate frauds in state history. Sixty-one year-old Wayne Puff of Old Bridge pleaded guilty in April to wire fraud. He admitted using his company, New Jersey Affordable Homes Corp., to lure real estate investors with promises of high returns. Prosecutors say it was a Ponzi scheme, using money from new investors to pay earlier ones. Hundreds of individuals and mortgage lenders were victimized. Puff read a statement apologizing to investors, and turned to face several of them sitting in the Newark federal courtroom Thursday. Ten co-conspirators have pleaded guilty.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave