Three Wall Street executives were indicted Thursday for their part in a scam that robbed 15 investors of more than $11 million. Manhattan District Attorney Cyrus Vance’s office said that Craig Rothfeld, Michael Romano, and Gregory Maleski used a Wall Street securities broker-dealer to falsify reports and business records, and committed criminal tax fraud and tax evasion.
More than 100 employees of the now shuttered broker-dealer, WJB Capital Group, also lost their jobs because of the scams.
The three men being charged are accused of using the money to pay for fancy houses, cars and lifestyles while victimized investors were convinced to extend old loans and invest new money with WJB. Some of the victims included friends and family.
On January 3, 2012, WJB fired all employees, and declared bankruptcy by May 2012.