Va. man charged in alleged pyramid scheme
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Associated Press
Published: August 12, 2008
NORFOLK, Va. (AP) — A Norfolk man faces securities-fraud charges for his alleged role in a pyramid scheme involving a Chicago-based investment firm.
The U.S. Securities and Exchange Commission has charged Joseph Shereshevsky of Norfolk and Steven Byers of Oak Brook, Illinois, with defrauding investors by diverting at least $100 million of their funds.
In a complaint, the SEC said WexTrust Capital and its major owners targeted members of the Orthodox Jewish community for their investment schemes. They raised $255 million from almost 1,200 investors in the United States and overseas.
WexTrust did not provide comment on the SEC complaint.
Both men were arrested Monday on charges filed in federal court in a separate criminal case.
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