New York City Broker Charged With Scamming Elderly Clients

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.

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René
René
flagged this story as Good Stuff

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.?

0
politisite

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

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