NY Ponzi scheme victims get $9M in forfeited funds

New York Ponzi scheme victims to get $9 million in forfeited funds; losses totaled $35 million

Associated Press

ROCHESTER, N.Y. (AP) -- More than 120 victims of an upstate New York man's Ponzi scheme may see some of their lost money returned.

U.S. Attorney William Hochul's office says about $9 million in forfeited funds will go to victims of Ashvin Zaveri of Honeoye Falls near Rochester.

Zaveri was indicted in 2009 and committed suicide in 2010 while facing charges of bilking oil and natural gas investors of $35 million from 2003 to 2009.

Most of the proceeds were used to pay off previous investors and for Zaveri's personal use.

While Zaveri's death led to the dismissal of the criminal case against him, Hochul's office said Thursday it pursued a civil forfeiture action and the proceeds of two life insurance policies and a bank account.

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