(With thanks to Insurance Journal)
An Albany insurance broker has been sentenced to nine years in prison for a $1 million securities fraud scheme.
Lawrence D. Rosenbaum previously pleaded guilty to charges including grand larceny and securities fraud. He also admitted failing to file state income taxes.
Prosecutors say he fraudulently solicited over $1 million from numerous investors as part of the scheme.
They say the victims were promised substantial returns on their investment in the Saratoga Cheese Corporation.
Instead, he used various corporate entities as personal bank accounts. He diverted over $600,000 to himself by writing checks payable to himself. He made other cash withdrawals in both the Albany area and Costa Rica.
New York Attorney General Eric Schneiderman says the scheme ran between 2006 and 2012.
Rosenbaum also was ordered to pay restitution.