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New York City Broker Charged With Scamming Elderly Clients
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by politisite | September 18, 2008 at 09:47 am
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NEW YORK -- A New York City stockbroker has been charged with stealing hundreds of thousands of dollars from clients -- many of them elderly -- and sending the money overseas to Nigerian scam artists.Michael Axel of Tripp & Co. Inc. stole at least $600,000 from the accounts of four clients, three of them in their 80s and 90s, according to prosecutors.
Axel is accused of sending most of the money to a phony lawyer who told him he had inherited $8.75 million from a distant relative. That person told Axel he needed to send money for legal fees to free up the inheritance.
The 68-year-old broker has been charged with grand larceny. He faces up to 15 years in prison if convicted.
Most RecentMost Recommended Comments (2)
at 10:04 on September 18th, 2008
How ironic. The scammer got scammed. Never get it back from that old-news Nigerian scam. What an idiot! What recourse do these victims have? sue Tripp & Co Inc.?
at 10:29 on September 18th, 2008
They will have a mess of getting justice with the signed agreements. The Jewish standard should apply here. Pay back 7x what you stole. It will take years. I just got paid from a settlement from 7 years ago 50% and they took out taxes on assets that would be worth 300% as it was Gold bars. The Federal court would not pay in like kind because they could not pay all of the folks with the recovery. So I get 1585.00